INJUSDT.P trade ideas
Short INJINJ made a great performance in 2023. If BTC continues to shows weakness at key resistance ($48000), INJ would start correcting more deeply.
Indeed, in 2D-TF, RSI and CMF indicators had already broken (down) their trendlines. Moreover, bearish divergence can be also observed.
As a result, a Short set-up is as in chart.
In weekly TF, here is my view: INJ is under the resistance trendline.
Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.
INJ may continue to rise according to the double bottom structurAfter completing the adjustment at the daily level, we have formed a double bottom bullish structure in the buy zone. The current upward trend is good, and the target zone above is worthy of attention.
Let’s see 👀
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Injective - One To Watch for 2024BINANCE:INJUSDT - Injective has a supply of 100M tokens, running mainnet on Cosmos stack and is burning tokens based on fee/revenue generated. Stakers receive 15% on average for bonding their tokens to validators on the chain. Basics seem strong and market performance support these movements.
After recent slow down in markets, some of the current winners are consolidating again. Similar to my BINANCE:SOLUSDT idea from a few weeks back, i believe we will see continuation in certain coins. Here is a break down and we will update this idea as we go along.
Continued strength among other top performers like BINANCE:SOLUSDT BINANCE:SEIUSDT & BINANCE:TIAUSDT - BINANCE:INJUSDT is primed to gain more market share and attention.
8H and 4H showing possible signals (yellow circle) crossing EMA on RSI for entry of a long trade.
possible targets are at 1.618 and 2 of Fib extension and seem fairly reasonable.
Trade idea in INJ BINANCE:INJUSDT
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Longer the Base, Higher in SpaceINJ forming a nice base above prior ATHs. Tightening up with volume declining. Getting very quiet on the right side of this base, which is exactly what the bulls want to see.
Similar to SEI, think that has the potential for a fifth wave, "blow off the top" kind of move.
WILL INJECTIVE RETEST KEY SUPPORT?As you know from reading this newsletter, Injective was a leader in the altcoin rally, making a fresh new all time high before any other major coin. This is one of my largest holdings, still, even after selling some over the past few weeks. It has never come back down to test the previous all time high as support, at $25.31. I have NO IDEA if it is going to make it back down, or if support will hold if it does… but that is an area that I have bids to add a bit more to my position. A retest of a previous all time high as support is a great technical entry.