INJ May Retrace and Fall to 0.382 Fib Level, Warns Crypto Analyst

A crypto analyst under the pseudonym Woetoe recently took to X to share his analysis for INJ. While investors expect a bullish trend on INJ, Woetoe believes a retracement to the support and the 0.382 fib level would “make a lot of sense.” The crypto analyst also stated that he is not “longing here.”

It seems that Woetoe’s analysis may be right as INJ, today, faced a fall of 2.49% in one day. According to CoinmarketCap, INJ is priced at $13.41, at the reported time. Despite the downfall observed in 24 hours, the altcoin still maintains a 19.96% spike in seven days as it trades in the green section of the chart.

The slight downfall could be a response to its overbought trading activity. Traders believe that after an overbought trading activity, the chances for a retracement could gradually increase. INJ could be witnessing the repercussions, which may have been caused by the massive entry of buyers. Meanwhile, the trading volume shows an 11.75% tumble, which could be signaling trader’s decreasing demand for INJ.

INJ/USDT 1-Day Chart (Source: TradingView)

Looking at the charts, the candlesticks have tested the $14.494 level. However, it should be noted that, earlier, when INJ hit this level it faced a retracement. By observing the previous price action, there may be a chance that the altcoin could face a fall.

The support line at $1.471 shows high-selling activity. With this in mind, INJ may face a downfall soon. It is still not confirm whether INJ will be able to hold on to the 0.389 fib support level. There may be a chance, after observing the selling action, that INJ could slip down even further.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source