INJ is exhibiting a descending channel pattern on the price chart, characterized by lower highs and lower lows, with two parallel trendlines acting as support and resistance levels.
As of now, the market is testing the upper boundary of the descending channel, which acts as a resistance level. Traders and investors are closely observing this critical juncture as it could potentially lead to a bullish trend reversal if there's a breakout above the resistance.
Given the descending channel pattern and the possibility of a breakout, there is a chance that the price might attract new liquidity below the current resistance level. This influx of buying interest could lead to a potential upward movement in the price of INJ. Therefore, I am implementing DCA into INJ coin from now until the end of the year with the belief that it will break out based on my current technical analysis.
However, it's important to note that trading and investing in cryptocurrencies involve risks, and price movements can be unpredictable. It's advisable to conduct thorough research, analyze market conditions, and consider your own risk tolerance before making any investment decisions. Show Less
