Current price: $3.416 for INJ/USDT pair.
Projected growth for INJ in 2023 is 270%, which indicates a bullish trend in the long term.
However, the price is currently 25% lower than its recent high of $4.582, which indicates a short-term bearish trend.
The chart indicates a breakdown of the neck line support and conversion to a bearish zone. The neck line is a level of support that connects the lows in a chart pattern. A breakdown below this level can indicate a bearish trend.
The analyst expects a minimum 30% downward movement from the current price level, with a maximum of 44% to 50% also possible. This means that the price could fall by at least 30% from the current level, with a possibility of falling by up to 50%.
Another leg down from the $3.65 resistance/retest level is anticipated. Resistance levels are areas in a chart where the price has previously struggled to move above. In this case, $3.65 is a resistance level that the price may find difficult to move above.
If the price goes above $3.80, it would invalidate the bearish chart. This means that if the price rises above $3.80, the bearish trend could be invalidated, and a new bullish trend could emerge.
Support levels are at $2.48/$2.00. Support levels are areas in a chart where the price has previously found support and bounced back up. In this case, $2.48 and $2.00 are levels where the price may find support and start to rise again.
Resistance level is at $3.80. The $3.80 level is a resistance level where the price may find it difficult to move above.
If you found the analysis useful, you're encouraged to like, share, and follow the analyst for more crypto updates.
