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
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Retest of the broken box. Trade is still active
Trade closed manually
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Closed this trade (price falling back in the range)
Trade active
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I bought at this price $39 (EMA50D). Target is as mentionned $100
Trade closed manually
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I stop this trade here. Reason: BTC under strong monthly resistance