Injective - One To Watch for 2024

- Injective has a supply of 100M tokens, running mainnet on Cosmos stack and is burning tokens based on fee/revenue generated. Stakers receive 15% on average for bonding their tokens to validators on the chain. Basics seem strong and market performance support these movements.

After recent slow down in markets, some of the current winners are consolidating again. Similar to my idea from a few weeks back, i believe we will see continuation in certain coins. Here is a break down and we will update this idea as we go along.

Continued strength among other top performers like SOLUSDT SEIUSDT & TIAUSDT - INJUSDT is primed to gain more market share and attention.
8H and 4H showing possible signals (yellow circle) crossing EMA on RSI for entry of a long trade.
possible targets are at 1.618 and 2 of Fib extension and seem fairly reasonable.

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* Movement rather slow, no immediate breakout for now. Also everyone is expecting some decision on the BTC ETF filings, so a bit of uncertainty around this.
* I suspected some reaction after start of the new year, as tax sellers are done and could get allocated again.
* will observe the 4h to see how trend evolves.
* my SL sits at 35USD, which is my entry for this mid-term trade.

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So SL hit due to the flush yesterday. managed to get back in at 34 USD.
Main idea remains and we want to see the 50 USD.

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So my hunch was right, we go back higher and this red Arc was simply a clever Bear Trap after briefly leaving the range which is signalled in yellow.

Let's get it!

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Some nice flag is building up - Upside?

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Looking at the past price action, it seems INJ likes to consolidate and stabilize before taking on further Upside. I copied a fractal with a possible trajectory for the coming weeks.

As you can see, there will be many possibilities to get allocated and once done, it is more about holding on to position and observe the trade.

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Another Shake-Out - are you still positioned?
Always remember: SPOT Only

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Sometime it's just takes some patience.

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