INJUSDTINJ ~ 1W
#INJ This support block is strong enough for now. Maybe our first purchase of this coin will be placed here. short term target of at least 20%++ from here.
Injusdtrading
INJUSD: Highly important 1D MA200 test.Injective is neutral on its 1D technical outlook (RSI = 54.838, MACD = 0.426, ADX = 17.060) as it is trading between the 1D MA200 and 1D MA50. The 1D MA200 is more important right now as it got hit today but the priced immediately pulled back. This is the 4th failed test (so far) it had since April and failure to overcome it, should technically result in a strong rejection. Since however the price is rising after the August 5th bottom, we believe it is time to finally break. Wait until it closes over the 1D MA200 and buy, aiming for the 0.618 Fib (TP = 31.000).
See how our prior idea has worked out:
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INJUSD Has bottomed and is targeting 33.000Injective is on very stable technicals on the 1D timeframe (RSI = 61.927, MACD = 0.959, ADX = 21.734) as it resumed the rise, keeping clear of the 1D MA50, which remains the Support since since September 29th.
The 1D RSI shows that the market is replicating the early 2023 price action on a fractal which after reclaiming the 1D MA50, it rallied to the 1.5 Fibonacci extension. We therefore turn bullish again, aiming at the 1.5 Fib (TP = 33.000).
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INJUSD: Giant Cup and Handle targeting 16.50 before correctionInjective crossed over the 6 month Resistance turned overbought on the 1D timeframe but is still balanced on the 1W (RSI = 68.170, MACD = 0.883, ADX = 23.993), which is where we should be looking at as this is a bullish breakout on the higher timeframes. Technically this can keep rising until the 1W RSI hits well within the 80.000 level. We use this breakout buy signal to target the R1 level (TP = 16.500). This is potentially a giant Cup and Handle pattern that can even go as high as the R2 level (25.500) before pilling back. After that, it will turn into a buy opportunity again when it hits the 1W MA50.
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INJ target 9.752h time frame
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INJ is creating a triangle structure, this pattern could be regarded as continuation structure of previous wave from $6.36 to $8.05. Triangle bottom(~$7.2) is also the 0.5 Fibonacci Retracement, which is not that better but available so far. If INJ go back to $7.2, we can set up a trading plan.
TP: 9.75
SL: 6.78
Also, there is a higher target at $14.3 as our big time frame analysis on INJ, refer to following link.
INJ symmetrical structure target 14.312h time frame
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INJ is creating a potential symmetrical structure, which is corresponded to left wave from 14.9~1.18(12th Nov 21" ~ 1st Jul 22"). Secondly, INJ got support at 0.5 and 0.382 Fibonacci Projection(depend on different waves). Moreover, higher high trend is making for a while and it's clear to set SL for opening long.
TP: 14.3
SL: 6.238
INJUSD Channel Up continuation, buy opportunity.INJUSD maintains the Channel Up pattern that started on the January 1st bottom.
The MA100 (1d) has been its clear Support since January 21st.
Trading Plan:
1. Buy on the current market price.
2. Sell if it breaks under the MA50 (1d).
Targets:
1. 14.95000 (Resistance 2).
2. 5.0000 (expected contact with the MA200 1d).
Tips:
1. The RSI (1d) is trading inside a Triangle. If it hits its top before the price reaches 14.9500, then close the buy regardless. Use the Triangle's tops and bottoms to your advantage for sell / buy entries.
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