🚀 INJ/USDT: Trade Analysis & Strategy 🚀
Injective (INJ) is currently trading at $23.23, up 3.80% in the past 24 hours. The chart shows promising signs of recovery after a recent dip. Here's a detailed analysis and strategy for maximizing your profits!
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Key Observations
1. Resistance & Support:
Immediate Resistance: $24.00 (recent local high).
Support Zone: $22.00 (prior breakout level and psychological support).
2. Trend Analysis:
After a strong correction from its December highs, INJ has found a bottom near $17.50 and is now trending upwards.
The formation of higher lows and higher highs suggests a bullish reversal.
3. Volume Dynamics:
The 63.96K trading volume shows increasing participation, a sign of growing confidence in the uptrend.
4. Technical Indicators:
The price is above the SMA-9, confirming near-term bullish momentum.
RSI is neutral, indicating room for upward movement without immediate risk of overbought conditions.
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Trading Plan
Scenario 1: Bullish Continuation
Entry: Buy on a breakout above $24.00 with strong volume confirmation.
Target 1: $25.50 (short-term resistance).
Target 2: $27.00 (extended rally).
Stop-Loss: $22.50 (below recent support).
Scenario 2: Pullback Entry
Entry: Accumulate near $22.00 support if a retracement occurs.
Target 1: $23.50.
Target 2: $24.00.
Stop-Loss: $21.50.
Scalping Plan
For short-term traders:
Buy near $23.00 and sell near $23.50-$24.00.
Set a tight stop-loss below $22.80.
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Risk Management
Only allocate 2-3% of your trading capital to this setup.
Stick to your stop-loss to avoid unnecessary losses.
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Discussion
Will INJ push past $24 and climb toward $27, or will it retrace before the next leg up? Let’s hear your views below!
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