INJECTIVE: INJBTC headed for correction soon
This is my personal opinion about Injective protocol in the short/mid-term.
Injective has a great and active community and a great concept being built, but there are too few tokens released for this price-action to last.
There are better, similar projects that has far better potential for growth at these prices.
Although I believe INJ will definitely 5x from here compared to dollar over the long run,
I believe SWTH, a direct competitor also backed by heavy venture-capital ( Three Arrows, the biggest investor in Grayscale, the biggest crypto-fund in the world),
has a far better risk/return than INJ right now.
I also believe it to be a superior project, having released mainnet, derivatives almost done.
Anyway I'm invested in both, and of the two SWTH is my main bag for holding long term.
I think it's wise to secure profits on INJ now, and look too other projects for a while at least.
I believe we will see INJ retrace and have good buy-opportunities in the green rectangle.
But likely the major resistance in the thick yellow-line will fight back, and possibly only wicks will touch the green rectangle.
We may see it touch fib 1.618, or even two or three before this happens, and if so the correction will be even harder.
Stay safe, an happy trading!
Injective has a great and active community and a great concept being built, but there are too few tokens released for this price-action to last.
There are better, similar projects that has far better potential for growth at these prices.
Although I believe INJ will definitely 5x from here compared to dollar over the long run,
I believe SWTH, a direct competitor also backed by heavy venture-capital ( Three Arrows, the biggest investor in Grayscale, the biggest crypto-fund in the world),
has a far better risk/return than INJ right now.
I also believe it to be a superior project, having released mainnet, derivatives almost done.
Anyway I'm invested in both, and of the two SWTH is my main bag for holding long term.
I think it's wise to secure profits on INJ now, and look too other projects for a while at least.
I believe we will see INJ retrace and have good buy-opportunities in the green rectangle.
But likely the major resistance in the thick yellow-line will fight back, and possibly only wicks will touch the green rectangle.
We may see it touch fib 1.618, or even two or three before this happens, and if so the correction will be even harder.
Stay safe, an happy trading!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.