Injective Faces Resistance (Lower Low Or Double-Bottom?)

5 oct.

Here is another Altcoin pair that produced a rejection at the MA200 line and is showing a bearish continuation starting to form.

Good Saturday my fellow trader, let's do a quick review of this chart.

➢ Injective (INJUSDT) already corrected as low as November 2023, but in November 2023 this pair was not trading at bottom prices, it was really high up. The market tends to seek balance, and the stronger the growth, the bigger the correction that follows. The stronger the crash, the bigger the bullish cycle that follows. The market always looks for balance.

➢ Injective's bullish wave starts after the December 2022 bottom, and we can see massive growth. In a period of 442 days, INJUSDT grew by 4,245%. From December 2022 through March 2024. In comparison, Bitcoin grew by 377% from November 2022 through March 2024. That's why I say that the Altcoins are better than Bitcoin if you are a normal human being, growth potential is just that much higher.

After so much growth, the correction might not be over. We can say this based on the mid-term downtrend and the MA200 rejection.

We can get a double-bottom, around 0.786 Fib. or a lower low to test the prices at which Injective traded back in September 2023.

Thank you for reading.

Namaste.