INJUSDT has been trending downwards and is currently inside a descending channel, which is a technical pattern that is formed by drawing two parallel trendlines that connect the lower highs and lower lows of the price action. The upper trendline represents the resistance level, and the lower trendline represents the support level.
In the case of INJUSDT, the price has been consistently making lower highs and lower lows, indicating a bearish trend. The descending channel can be used as a visual guide to help identify potential entry and exit points for traders.
Recently, the price of INJUSDT retested the support level at $2.6, which is a critical level to watch. If the price is able to bounce off this level and break through the 4-hour local resistance level, according to Plancton's rules, a new long position could be considered. This would confirm that the bulls are in control and that there is a higher likelihood of a price increase.
––––– Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <= 1h structure.
Follow the Shrimp 🦐
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21 %
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33%
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amazing 33% with CPS strategy. Now the price is creating a pennant. More if the price is going to create a new breakout!