- Current price: $3.416 for INJ/USDT pair.
- Projected growth for INJ in 2023 is 270%, which indicates a bullish trend in the long term.
- However, the price is currently 25% lower than its recent high of $4.582, which indicates a short-term bearish trend.
- The chart indicates a breakdown of the neck line support and conversion to a bearish zone. The neck line is a level of support that connects the lows in a chart pattern. A breakdown below this level can indicate a bearish trend.
- The analyst expects a minimum 30% downward movement from the current price level, with a maximum of 44% to 50% also possible. This means that the price could fall by at least 30% from the current level, with a possibility of falling by up to 50%.
- Another leg down from the $3.65 resistance/retest level is anticipated. Resistance levels are areas in a chart where the price has previously struggled to move above. In this case, $3.65 is a resistance level that the price may find difficult to move above.
- If the price goes above $3.80, it would invalidate the bearish chart. This means that if the price rises above $3.80, the bearish trend could be invalidated, and a new bullish trend could emerge.
- Support levels are at $2.48/$2.00. Support levels are areas in a chart where the price has previously found support and bounced back up. In this case, $2.48 and $2.00 are levels where the price may find support and start to rise again.
- Resistance level is at $3.80. The $3.80 level is a resistance level where the price may find it difficult to move above.
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