INJ/USDT Technical Analysis $INJ
Brief Overview:
The daily chart of the INJ/USDT crypto asset shows a potential formation of a "descending triangle" pattern, which indicates a possible continuation of the price movement depending on the breakout. Key support and resistance levels play an important role in the further prospects of the asset.
Important Technical Levels:
Current Price: $18.55
Resistance: $19.00, $20.53, $22.21
Support: $16.86, $15.20, $14.06
Indicator:
The Bollinger Bands indicator shows that the INJ price is hovering near the lower boundary, indicating the possibility of potential growth if a breakout occurs outside the current range.
The Ichimoku indicator suggests a bearish trend, however, if the asset manages to break through the Ichimoku cloud upwards, this may indicate the beginning of an uptrend.
SAR indicates continued bearish pressure, which is reflected in dots being above the candles. However, a breakout of the trend line may confirm a trend change.
SMA (7 and 50 periods): In the short term, the price remains under pressure, but short-term resistance lines are around $19 and $22.
Descending Triangle Pattern:
This pattern often signals a trend continuation after a breakout. If the resistance level at $19 is broken, the price may test higher levels up to $28.77 (+184%). If the support at $16.86 is broken, the price may fall to $14.06.
Trading Strategies:
Bullish scenario: A breakout of $19 with volume confirmation could provide a signal to enter a long position with a target of $28.77.
Bearish scenario: A break of $16.86 would be a bearish signal, indicating the possibility of further decline.
