Trade INJ in Futures Market at CoinDCX
Issued on: 17th Aug’23
Valid upto: 27th Aug’23
Category: Layer-1 Blockchain
Market Cap: $603,928,677
Price Update:
INJ price at the time of writing (17th Aug’23, 15:05) is $7.21, with a 24-hour trading volume increased by 61.47% to $57,866,087. INJ price is up by 1.26% in the last 24 hours according to coinmarketcap.com.
Source: TradingView
Analyzing the above chart:
- The latest monthly candle closure of INJ USDT indicates a strong rejection from higher levels, implying a bearish sentiment.
- The broader market is also exhibiting a bearish trend at the moment.
- In the 1-day timeframe, INJ displays a bearish RSI divergence, further suggesting potential downside movement.
- There’s a consistent decrease in trading volume even as the price of INJ rises, indicating weakening bullish momentum and the possibility of a decline.
- The presence of fakeouts in smaller timeframes adds to the confirmation of the bearish sentiment.
- Moreover, INJ is currently trading below its 100-day and 50-day Exponential Moving Averages (EMAs), reinforcing the bearish outlook.
- Bottom support levels: $6.819 (demand zone),$6.147 & $5.630(major)
- Upper resistance level: $8.247 ( last week high)
- A Short Trading strategy can be assessed between $7.229-$7.417 with an invalidation above $7.824
- On the downside, one can see a fall of 20-25% toward $6.821, $6.147 & $5.630(valid for 10 days)
- It would seem that one should maintain a balanced risk-to-reward ratio and check the use of leverage and position size to ride out current market conditions.
Note: INJ is now available in the futures market in both Go and Pro apps with up to 15x leverage.
LAST 30 DAYS ANALYSIS SUMMARY:
| DATE | TOKEN | Strategy (Long/Short) |
TOKEN RETURN% | TOKEN RETURN % (with 8x leverage) |
BTC RETURN% |
| 20-July | STX | Long | -3.62% | -28.98% | -4.36% |
| 21-July | SAND | Short | 4.57% | 36.55% | -0.95% |
| 25-July | DOGE | Long | 6.97% | 55.76% | 0.95% |
| 26-July | WLD | Short | 7.60% | 60.81% | 0.95% |
| 28-July | ETH | Short | 2.53% | 20.27% | 0.36% |
| 1-August | OP | Short | -5.33% | -42.64% | 0.43% |
| 3-August | BCH | Short | 6.39% | 51.12% | -0.52% |
| 4-August | FLOW | Short | 6.16% | 49.28% | -1.90% |
| 4-August | 1000SHIB | Long | 26.16% | 209.30% | 1.41% |
| 7-August | MAGIC | Long | -2.59% | -20.75% | -1.69% |
| 8-August | ADA | Short | 11.27% | 90.19% | -4.27% |
| 11-August | AAVE | Short | 11.53% | 92.22% | -4.15% |
| AVERAGE RETURN | 5.97% | 47.8% | -1.15% | ||
| SUCCESS RATE | 75% |
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
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