๐ General Overview:
Trend: Medium-term downtrend, but recent sideways movement with bullish attempts suggests a potential reversal or accumulation phase.
Current price: Around $13.61.
๐ Technical Indicators:
EMA 25 (Exponential Moving Average) โ $13.92
Price is still slightly below the EMA, acting as dynamic resistance.
A weekly close above $13.92 could confirm trend reversal, marking a bullish breakout entry.
Bollinger Bands (25 SMA):
The bands have contracted, signaling low volatility โ often a precursor to a larger move.
Price is now approaching the middle band (SMA), acting as resistance.
Volume:
Rising bullish volume since May suggests growing buy-side interest.
This supports the idea of an accumulation phase.
๐ฏ Potential Entry Points:
โ Entry Option 1: Breakout Entry
Trigger: Weekly candle closes above $13.92โ14.10
Rationale: Break above EMA 25 and Bollinger midline, suggesting trend shift
Stop-loss: Below $12.50
Target: $16.00 (initial), $18.00 (extended)
โ Entry Option 2: Pullback Entry
Trigger: Price pulls back to $11.50โ12.00 and shows reversal (bullish engulfing, hammer, etc.)
Rationale: Buy at support with tighter risk
Stop-loss: Below $11.00
Target: $13.50โ14.00 (first), $16.00 (next)
โ Entry Option 3: Momentum Trade
Trigger: Price breaks and sustains above $16.00
Rationale: Continuation move post-breakout confirmation
Stop-loss: Below $14.50
Target: $18.00โ20.00
โRisk Management:
This market is still technically not in a confirmed uptrend.
Use position sizing and stop-losses strictly.
Monitor macro news or Bitcoin moves, as they can heavily influence altcoins like INJ.
