Long

INJ ready for another leg up

Updated

INJ has just broken the consolidation range of 3 months. Price now is just above the broken range and it seems that the retest is on-going.

For short-term trade, I bought at this price and look forward to selling at $74 and $99. Invalidation is when price falls back in the range (in 1D TF).

For long-term, Injective is a very promising L1 blockchain with a fast grow rate. I put in chart the list of L1 cryptos so that you can have a projection on the future position/market cap of INJ.

------ About INJ ----
Injective Protocol (INJ): A blockchain tailored for finance, facilitating DeFi applications like decentralized exchanges and lending protocols.
Unique Infrastructure: Features a fully decentralized MEV-resistant on-chain order book, supporting spot, perpetual, futures, and options markets.
Interoperability: Compatible with Ethereum, IBC-enabled blockchains, and non-EVM chains such as Solana, offering cross-chain bridging capabilities.
Advanced Smart Contract Platform: Utilizes CosmWasm for smart contract execution, enabling multi-chain transactions and automatic contract execution.
Growing Ecosystem: Supported by prominent investors like Binance and Pantera Capital, with a global community exceeding 150,000 members, fostering innovation in decentralized finance.

Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.

Note

Retest of the broken box. Trade is still active

Trade closed manually

Closed this trade (price falling back in the range)

Trade active

I bought at this price $39 (EMA50D). Target is as mentionned $100

Trade closed manually

I stop this trade here.
Reason: BTC under strong monthly resistance

evasivesteering

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