INJ Technical Analysis 20.04.2023

inj analysis

INJ, having previously bounced off the 4.88$ support level that I shared, managed to break through my initially tracked resistance zone of 7.70$ and surged up to the 10$ level.

Currently, the first support level I’m tracking for INJ is the 7.20$ – 6.98$ range; I believe the price may find a reaction at this area. If it fails to make a new high after bouncing from this level, it may want to clear the liquidities that I pointed out on the downside.

Analyzing the spot pair, the 7.70$ resistance that I mentioned earlier can now act as support for the price. However, my expectation is that it would want to test the 7.20$ – 6.98$ level and fill the imbalance in this area. As this level also corresponds to the order block zone where a new high was made and the horizontal resistance was broken, I think it can hold the price.

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