Elliott Wave Caution on $INJ Deeper Pullback Looms Before Upside Revival

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  More Crypto Online flags no confirmed wave (2) low for $INJ, with $10.23‑$11.35 as critical supports in ongoing correction.
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  $INJ trades at $12.29 amid altcoin pause, but Elliott Wave setup eyes $18+ upside if key levels hold.
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  Community poll drives content, highlighting $INJ buzz as October liquidity tightens.

In the ever‑shifting sands of crypto technicals, Elliott Wave maestro More Crypto Online (@Morecryptoonl) continues to captivate with his precise, chart‑driven insights. With a YouTube following exceeding 300,000 and a knack for demystifying complex wave patterns, the analyst’s latest X drop on October 9, 2025, zeros in on Injective Protocol’s $INJ token. Responding to community buzz in the comments, he dissects why the altcoin’s recent dip lacks conviction for a wave (2) bottom, potentially setting the stage for further downside before a bullish rebound.

$INJ, the governance token powering Injective’s layer‑1 blockchain for decentralized derivatives and DeFi, has been a standout in 2025’s altseason. Trading at $12.29 as of today, it’s up over 150 % year‑to‑date, fueled by ecosystem expansions like Helix’s perpetuals trading and integrations with Cosmos IBC. Yet, amid Bitcoin’s steady grind toward $68,000 and October’s “Uptober” fervor, $INJ’s momentum has stuttered. More Crypto’s chart—a candlestick overlay with annotated channels—highlights a corrective phase post a sharp rally from September lows. “So far no evidence for a low in wave (2),” he notes, pointing to resilient higher lows but absent volume confirmation for reversal.

In Elliott Wave parlance, wave (2) corrections often retrace 50‑78.6 % of the prior impulse, shaking out weak hands before wave (3)’s explosive advance. Here, $INJ hovers near the upper end of its corrective channel, but without a decisive break below key supports, the pullback could deepen to $11.35 (38.2 % Fib) or even $10.23 (50 % Fib). These levels align with historical confluence zones, including the 200‑day EMA and prior swing lows. A breach below $10.23 would invalidate the bullish count, flipping the script to a broader wave IV correction targeting $8.50.

This isn’t bearish doom‑saying; it’s pragmatic trading. More Crypto pairs the analysis with his signature poll: “Which altcoins should be analysed here today on X?”—sparking 96 replies and underscoring his community‑first approach. The coffee mug snap? A cheeky nod to fueling late‑night chart sessions. Broader context bolsters caution: USDT exchange inflows have plateaued, per on‑chain metrics, signaling reduced liquidity for alts as institutions pile into BTC ETFs.

For $INJ holders, the playbook is clear: defend $11.35 with stops below $10.23. A hold there could propel wave (3) toward $18‑22 by year‑end, per extended projections. As alt rotations resume—potentially ignited by Fed rate‑cut whispers—Injective’s real‑world utility in tokenized assets positions it for outsized gains. More Crypto’s verdict? Patience pays; the wave structure demands proof before euphoria.

In a market where hype often trumps structure, analysts like him remind us: trades are won on evidence, not echoes.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.