Only 24 hours separated $8.72 and $7.86. For those who missed the move, this spot is harder to act on than it was at $6.7 — if you don’t chase, you worry it will copy the kind of two-day 15% run seen on October 16; if you do chase, the intraday -9.68% knife may be the start of a move lower.
Over 30 days, $INJ has risen 19.01%, and its market cap ranks #87, so it’s not as if there has been no capital attention. From October 16 to 18, volume expanded from $219M to $294M — this rebound was built on real trading. Today it shrank to $118M, and the divergence is obvious. What I care about more is the $7.3-$7.4 range. After it was smashed down to $6.75 on October 9, it bounced back, and the subsequent pullbacks never broke below it, which suggests there is capital supporting this area. $7.86 is not untradeable, but before touching it, you need to think clearly: are you betting it will hold $7.3, or are you betting it will directly absorb the trapped supply above $8.3?
Looking further out, it is still -85% from ATH, and each level above has people waiting to get out at breakeven. The closer the rebound gets to $8.5-$8.7, the more obvious the selling pressure becomes. If the next two days bring a low-volume, drifting decline, then the 30-day gain is just one leg of an oversold rebound, not the beginning of a new trend.
So the question is very specific: facing the same $7.86, do you choose A and wait for $7.4 to hold before acting, at the cost of possibly watching two green candles go by; or do you choose B and take one-third of the position first, then admit you’re wrong and exit if it breaks below $7.3?
Over 30 days, $INJ has risen 19.01%, and its market cap ranks #87, so it’s not as if there has been no capital attention. From October 16 to 18, volume expanded from $219M to $294M — this rebound was built on real trading. Today it shrank to $118M, and the divergence is obvious. What I care about more is the $7.3-$7.4 range. After it was smashed down to $6.75 on October 9, it bounced back, and the subsequent pullbacks never broke below it, which suggests there is capital supporting this area. $7.86 is not untradeable, but before touching it, you need to think clearly: are you betting it will hold $7.3, or are you betting it will directly absorb the trapped supply above $8.3?
Looking further out, it is still -85% from ATH, and each level above has people waiting to get out at breakeven. The closer the rebound gets to $8.5-$8.7, the more obvious the selling pressure becomes. If the next two days bring a low-volume, drifting decline, then the 30-day gain is just one leg of an oversold rebound, not the beginning of a new trend.
So the question is very specific: facing the same $7.86, do you choose A and wait for $7.4 to hold before acting, at the cost of possibly watching two green candles go by; or do you choose B and take one-third of the position first, then admit you’re wrong and exit if it breaks below $7.3?