$INJ
INJ/USDT: Momentum Surge or Pullback Imminent? (1H Chart Analysis)
INJ is trading at $5.80, up 5.26% over the last 24 hours. But can this momentum hold? 🧐
INJ has performed excellently, but our 1-hour chart is flashing some key technical indicators that traders must note:
🚦 Bullish Confirmation
MACD: A strong bullish crossover (DIF > DEA) is active, confirming robust buying pressure and momentum in the short term.
SAR: The Parabolic SAR (5.55) remains below the current price, validating that the Uptrend is technically still in play.
🛑 Caution Signals (Overextension Alert!)
RSI: The Relative Strength Index is sitting high at approximately 74.22. This is deep in the Overbought zone, strongly suggesting that a short-term Pullback or consolidation is highly probable to cool down the market.
Bollinger Bands: The price is currently trading above the Upper Band ($5.82). This signals overextension and often precedes a brief reversal back toward the mean.
🔑 Strategy Ahead
Bullish Continuation: If INJ can successfully break and close above the recent high of $5.87, it would validate further upside movement.
Conservative Entry: Given the high RSI, risk-averse traders should exercise caution when opening new long positions. Wait for a pullback and re-test of support around $5.82 (BOLL Band) or $5.55 (SAR Support) for a safer entry.
What are your thoughts? Is INJ headed for a new high, or is it time to take some profits? Let me know in the comments
