TradeCityPro | INJ: Navigating the Waves of the DeFi Landscape👋 Welcome to TradeCityPro!
In this analysis, I'm going to review the coin INJ, which belongs to the Injective project, one of the intriguing networks in the DeFi sector. This coin has seen significant growth in recent years.
📅 Weekly Timeframe: Reaccumulation Box?
In the weekly timeframe, we observe a very strong and powerful upward trend full of bullish momentum that started from 1.2, even breaking the ATH to establish a new ceiling at 41.81.
🔍 Currently, after reaching 41.81, the price has pulled back to the support at 16.18 and formed a box between these two areas. The support at 16.18 overlaps with the 0.236 Fibonacci area, and we can also see an ascending trend line that coincides with this level, forming a PRZ that has so far supported the price.
🚀 If the resistance at 41.81 is broken, we can say that the long-term range box was a Reaccumulation phase, and the price could move towards targets of 135 and 494. However, it's important to note that this coin's market cap is currently $2.15 billion, and reaching a target of $494 would require it to enter the top ten coins by market cap, which might be challenging.
🔽 In case of further price corrections, there are solid supports available. If 16.18 breaks, the next Fibonacci support at 0.382 is around $10, and another substantial support is at $5.8.
🧩 Additionally, the RSI is boxed between 38.77 and 63.27, and breaking either boundary could significantly influence market momentum in that direction.
📅 Daily Timeframe: More Details
In the daily timeframe, we can see more details of the range box formed.
✨ The price is currently near the weekly trend line and has reacted to this area in this timeframe as well. The first resistance is at 26.75, and breaking this area could be a trigger for entering a long position or buying in spot. A break of 58.26 in the RSI would be a good confirmation.
🛒 The next buying trigger is at 34.76, which is more secure, and simultaneously breaking significant resistances in the TOTAL could drive the price towards higher targets.
⚡️ The most important resistance is at 45.32, and I suggest maintaining a long position before the price reaches this area as there is a high chance of a euphoric break. However, this area is a strong supply zone and could potentially push the price back down to the range box's floor.
📉 For short positions, we should first wait for the trend line to break. In this case, the first trigger is a break at 19.44, and the main trigger is breaking the support at 16.04.
📊 Regarding volume, I cannot provide much insight as both the market and volume are ranging, and specific data cannot be derived. However, it's evident that if volume increases in any direction, market momentum will likely follow.
⏳ 4-Hour Timeframe: Futures Triggers
Let's dive into the short-term triggers suitable for futures trading.
🎲 Given that the market has been range-bound in the weekly timeframe for a prolonged period, it has lost momentum. In this timeframe as well, the price remains confined within a range box.
📈 Long Position: You can enter a long position if the price breaks above 25.43. The target for this position would be 34.76. This is a solid trigger and, if aligned with Bitcoin's movements, could introduce bullish momentum into the market.
🔽 Short Position: For shorting, the only current trigger is at 18.82.The RSI oscillator and the SMA indicator cannot be relied upon for confirmation in this scenario, as the market lacks any trend or momentum.
🧲 As mentioned, the trading volume remains range-bound. Upon breaking any trigger level, the volume should increase in the direction of the breakout.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
