Injective 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...
Injective 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...
2h 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...
12h 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 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...
