š$INJ /USDT: Price Analysis and Trading Plan š
Injective Protocol ($INJ ) is trading at $22.07, down 10.32% in the past 24 hours, with a significant trading volume of 2.26M INJ ($50.74M USDT). The price is testing key support levels, presenting opportunities for both short-term traders and long-term investors.
Key Levels to Watch:
Immediate Resistance: $24.00 (24h High)
Support Zone: $21.00 (24h Low)
Breakout Targets:
Target 1: $23.50
Target 2: $25.00
Stop Loss: $20.50 (below critical support)
Trading Strategy:
1. Support Play:
If $21.00 holds as support, consider entering near this level, targeting a rebound toward $23.50 or higher.
2. Breakout Opportunity:
A breakout above $24.00 could trigger an upside move toward $25.00, with higher momentum if supported by volume.
3. Risk Management:
Place a stop-loss at $20.50 to limit potential losses in case of further downside.
Technical Outlook:
The 4-hour chart indicates potential consolidation near the support zone, with downside risk contained if $21.00 holds. The long-term sentiment remains bullish, but short-term volatility could persist.
š Recommendation: Monitor price action at $21.00 support and volume near $24.00 resistance to confirm entry points.
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