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- Candlestick closures above $6.60 on the 2-hour chart suggest the possibility of INJ
rising up to $6.92.
- On the daily chart, the price staying below $6.60 indicates a potential continuation of the downward trend.
- If the price surpasses $7.05, it may be beneficial to determine suitable entry zones using Fibonacci retracement and consider trading from these zones during upward movements.
After breaking the $6.62 resistance on the 2-hour chart, INJ experienced a 1.30% increase. However, daily closures below $6.60 continue the downward trend. If the price remains above $6.60, there is potential for an upward movement.
MEDIUM-TERM INJ ANALYSIS
Upon examining the daily technical chart of INJ, it is observed that the downward trend continues. At the time of writing, the INJ price is hovering around $6.65 and moving close to the $6.60 support. If the INJ price closes below $6.60 on a daily basis, it may extend the downward trend towards the daily support level of $6.20.
If the INJ price encounters strong buying reactions from the $6.20 level, it can initiate the upward trend starting from this critical support level and progress towards resistance levels such as $6.66, $7.07, and $7.76.
However, if the INJ price fails to receive a strong buying reaction from the $6.20 support and continues its downward movement, it may extend the decline to $5.61. INJ investors should closely monitor daily closures below $6.20 and consider using stop-loss strategies during possible declines.
SHORT-TERM INJ PRICE ANALYSIS
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Upon examining the 2-hour technical chart of INJ, it is observed that it experienced a 1.30% increase after clearing the long liquidities at the $6.62 level. As long as the INJ price maintains 2-hour candlestick closures above $6.60, it can extend its upward movement to $6.82 and then $6.92.
If the INJ price achieves 2-hour candlestick closures above $7.05, it is important to determine suitable entry zones using the Fibonacci retracement from the recent low to high levels, and it may be beneficial to consider trading from these zones during possible declines.
However, if the INJ price achieves 2-hour candlestick closures below $6.60, it may indicate a desire to continue the downward trend. As long as INJ remains below $6.60, it may extend the decline to $6.40.