INJ has just broken the consolidation range of 3 months. Price now is just above the broken range and it seems that the retest is on-going.
For short-term trade, I bought at this price and look forward to selling at $74 and $99. Invalidation is when price falls back in the range (in 1D TF).
For long-term, Injective is a very promising L1 blockchain with a fast grow rate. I put in chart the list of L1 cryptos so that you can have a projection on the future position/market cap of INJ.
------ About INJ ----
Injective Protocol (INJ): A blockchain tailored for finance, facilitating DeFi applications like decentralized exchanges and lending protocols.
Unique Infrastructure: Features a fully decentralized MEV-resistant on-chain order book, supporting spot, perpetual, futures, and options markets.
Interoperability: Compatible with Ethereum, IBC-enabled blockchains, and non-EVM chains such as Solana, offering cross-chain bridging capabilities.
Advanced Smart Contract Platform: Utilizes CosmWasm for smart contract execution, enabling multi-chain transactions and automatic contract execution.
Growing Ecosystem: Supported by prominent investors like Binance and Pantera Capital, with a global community exceeding 150,000 members, fostering innovation in decentralized finance.
Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.
Comment:
Retest of the broken box. Trade is still active
Trade closed manually:
Closed this trade (price falling back in the range)
Trade active:
I bought at this price $39 (EMA50D). Target is as mentionned $100
Trade closed manually:
I stop this trade here.
Reason: BTC under strong monthly resistance
Reason: BTC under strong monthly resistance