Technical analysis by ben_walther about Symbol INJ: Buy recommendation (9/27/2024)

Injective's chart is setting up for something big. Let's look at what's brewing and how you can make the most of it!Key Chart Observations‣ EMA200 Test: INJ broke above the crucial 200 EMA. This is always a key level to watch for any trend reversals. If INJ can hold above this level, it will signal a major shift in momentum.‣ Descending Channel: Besides the EMA, INJ is on the verge of breaking out of its descending channel. This channel has been intact for months, and a breakout here could trigger a significant rally.What’s Next?We could see an explosive move if INJ confirms the break above EMA200 and moves out of the descending channel. Given the chart structure and momentum building, I expect a potential 65-70% move from here, with the first logical target around the $38-$40 range.Trade Setup‣ Entry: Watch for a daily close above the EMA200 and the upper boundary of the descending channel (~$24.00)‣Target 1: $30 (+30% potential gain)‣ Target 2: $38 (+65% potential gain)Stop Loss: Set below $20.00 to manage riskThe volume supports the price action, and if we can break these key levels, the path to a massive upward move is clear.--Key Facts about INJ:- Market Cap: $2.25b- CMC Position: 44- Trading Volume (24h): $135m- Circulating Supply: 97m- Total Supply: 100m