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Michaël van de Poppe - 08 October 2022

The price action on Injective Protocol looks promising!

Hey everyone, in today’s blog, we’ll dive into the world of altcoins and chart $INJ!


The price action on Injective Protocol looks promising as it has tested the resistance area multiple times. The more often a resistance gets tested, the weaker it becomes; therefore, we can determine the next target zone after that, which we can find in the PA in this update.

1-day Timeframe

The chart itself is self-explanatory, as it shows the resistance zone Injective Protocol has to break through. In that way, the area around $2 is a vital one to crack and if it cracks, a big gap opens toward $3.

Why is there a chance of such a significant run? Simple. The price of INJ has been moving sideways since May; therefore, given the current sentiment, the mass has been shorting the asset and everything in crypto. Once it breaks out of the range-high, which we can see at $2, it will likely accelerate as break-out traders step in to buy the asset. Still, also shorts are getting liquidated or stopped out (which are closed by opening longs), and there’s a big gap in price action towards $3, which means that a significant run of close to 50% is around the corner. 

On this timeframe, we can’t establish the support levels, for now, so we’ve got to look at lower timeframes.

4-hour Timeframe

Lower timeframes show some critical areas to watch, which we can’t find on the daily timeframe, and therefore, support levels and entry zones can be defined. That way, a sweep of the recent low at $1.75 could happen, and then an entry zone between $1.65-1.70 is something to keep an eye on.

The second point of interest is the block we have on the 4-hour resistance area as resistance area, which is the zone at $2.00-2.05, as described earlier. If that flips for support, we’re looking for a continuation towards $3. 

Have a nice weekend!

In our Trade Letter, we analyze multiple altcoins to give you a clear picture of the best current trading opportunities! This Friday Michael also charted $LINK and $RSR!

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