Injective (INJ): A Setup You Shouldn't Miss!
Injective's chart is setting up for something big. Let's look at what's brewing and how you can make the most of it!
Key Chart Observations
‣ EMA200 Test: INJ broke above the crucial 200 EMA. This is always a key level to watch for any trend reversals. If INJ can hold above this level, it will signal a major shift in momentum.
‣ Descending Channel: Besides the EMA, INJ is on the verge of breaking out of its descending channel. This channel has been intact for months, and a breakout here could trigger a significant rally.
What’s Next?
We could see an explosive move if INJ confirms the break above EMA200 and moves out of the descending channel. Given the chart structure and momentum building, I expect a potential 65-70% move from here, with the first logical target around the $38-$40 range.
Trade Setup
‣ Entry: Watch for a daily close above the EMA200 and the upper boundary of the descending channel (~$24.00)
‣Target 1: $30 (+30% potential gain)
‣ Target 2: $38 (+65% potential gain)Stop Loss: Set below $20.00 to manage risk
The volume supports the price action, and if we can break these key levels, the path to a massive upward move is clear.
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Key Facts about INJ:
- Market Cap: 2.25b
- CMC Position: 44
- Trading Volume (24h): 135m
- Circulating Supply: 97m
- Total Supply: 100m
Key Chart Observations
‣ EMA200 Test: INJ broke above the crucial 200 EMA. This is always a key level to watch for any trend reversals. If INJ can hold above this level, it will signal a major shift in momentum.
‣ Descending Channel: Besides the EMA, INJ is on the verge of breaking out of its descending channel. This channel has been intact for months, and a breakout here could trigger a significant rally.
What’s Next?
We could see an explosive move if INJ confirms the break above EMA200 and moves out of the descending channel. Given the chart structure and momentum building, I expect a potential 65-70% move from here, with the first logical target around the $38-$40 range.
Trade Setup
‣ Entry: Watch for a daily close above the EMA200 and the upper boundary of the descending channel (~$24.00)
‣Target 1: $30 (+30% potential gain)
‣ Target 2: $38 (+65% potential gain)Stop Loss: Set below $20.00 to manage risk
The volume supports the price action, and if we can break these key levels, the path to a massive upward move is clear.
--
Key Facts about INJ:
- Market Cap: 2.25b
- CMC Position: 44
- Trading Volume (24h): 135m
- Circulating Supply: 97m
- Total Supply: 100m
I'm Ben. Crypto lover, trader, and coder.
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