My technical analysis of INJUSDT Chart

INJUSDT 1 Day Chart [Adapted from Binance]

Today I will be analyzing the INJUSDT charts. INJ is the native cryptocurrency of the injective blockchain. Members of the blockchain use INJ to carry out various activities on the injective blockchain.

From the daily time frame, on can see that INJ has undergone nothing but a constant rise in price over time. The parallel lines highlight the obvious, constant uptrend that went on for days. During that period, the price went from around the $6 range to about $18. It was a really bullish period for INJ.

However, at the top of that uptrend, a bearish doji candlestick appeared. This indicated indecision in the market. You can see how the market went sideways from then on. The buyers were no longer able to maintain pushing the price upwards as the sellers came in strong. From that moment on, the market became a ranging one. It wasn't really in a well-defined uptrend or downtrend, but it just went in a horizontal direction. The price kept ranging between $14 and $18.99.

INJUSDT 4-Hour Chart [Adapted from Binance]

The events of the ranging market can be seen and appreciated better in the 4-hour time frame. Whenever the price moved down to the $14 mark indicated by the bottom horizontal line, it bounces back up. That is to say that the $14 price was a major support level. In the same vein, when the price hits $18.99 (as indicated by the upper horizontal line), it gets pushed back down. This also suggests that $18.99 is a major resistance level in the charts.

I believe that this back and forth will continue until there is a major breakout. The breakout could either be in the upward position or in the downward position. At the moment, it seems as if the price just got resisted after hitting the upper horizontal line. There is every tendency that it could go back down towards the support level.

On the other hand, it's also possible that a breakout could occur, and the price would move further in the upward direction, pushing beyond the resistance level, moreso because of the bullish condition of the crypto market generally.

NOTE: This is not a financial advise, hence it should not be taken as such