1. Price forecast
• Short-term forecast: Based on current technical data and price dynamics, a rebound from the support level of 16.50 USDT is likely in the short term, with a potential move towards the resistance level of 18.00 USDT.
• Medium-term forecast: If the price consolidates above 18.00 USDT, movement in the range of 19.50–20.00 USDT is possible. If the bearish trend continues, the price may test lower levels - 14.50 USDT.
2. Support and resistance levels
• Support levels:
o 16.50 USDT is a key support level that has been holding the price up lately.
o 14.50 USDT - important support on the decline.
• Resistance levels:
o 18.00 USDT - short-term resistance, a breakout of which will confirm a trend reversal.
o 19.50–20.00 USDT — medium-term resistance for further upward movements.
3. Entry, exit, stop loss points for 🟢long positions
• Entry point: It is recommended to enter a long position upon a confirmed breakout of the 18.00 USDT level, confirmed by the closing of the daily candle above this level.
• Exit point: Target levels for exiting a long position: 19.50 and 20.00 USDT.
• Stop Loss: Set at 16.50 USDT. A breakout of this level may indicate a continuation of the bearish movement.
4. Entry, exit, stop loss points for 🛑short positions
• Entry point: Entering a short position is possible upon breaking through the support level of 16.50 USDT with the price fixing below this level.
• Exit point: Target levels for exiting the short position: 15.50 USDT and 14.50 USDT.
• Stop Loss: Stop loss for a short position is recommended to be set above the 18.00 USDT level.
5. 🟢Long and 🛑short scenarios with probability assessment
• 🟢Long script:
o Probability: 65%
o Reasons: Support level 16.50 USDT, as well as a possible breakout of resistance 18.00 USDT
• 🛑Short scenario:
o Probability: 35%
o Reasons: Breakout of the 16.50 USDT level, which may increase pressure on the price and lead to a decline to the 14.50 USDT level.
⚠️General conclusion
Technical and on-chain data show that the INJ market is currently in a neutral zone with potential growth upon breaking the resistance level of 18.00 USDT. However, a bearish scenario is also possible upon breaking the support level of 16.50 USDT. Current indicators indicate the need to closely monitor volumes and price dynamics in the coming days.
