Technical analysis by DEFI-trader about Symbol INJ: Sell recommendation (12/28/2023)

INJ is showing signs of a massive sell-off coming soon. Here is the explanation for this Wyckoff Distribution: PS (Preliminary Support): Initial support forming after a prolonged downward movement. Indicates substantial buying with increased volume and wider price spreads, signaling potential end of the downtrend.SC (Selling Climax): Point of maximum selling pressure and panic among the public, absorbed by larger professional interests near a market bottom. Often sees a price close above the low, reflecting buying by these larger interests.AR (Automatic Rally): Follows a decrease in intense selling pressure, marked by an easy wave of buying that pushes prices up, often fueled by short covering. The rally's high helps define the upper boundary of an accumulation Trading Range (TR).ST (Secondary Test): Revisits the SC area to test supply/demand balance. Confirmation of a bottom involves diminished volume and price spread. Multiple STs are common after a SC.LPS (Last Point of Support): Low point of a pullback after a SOS. Pullback to former resistance turned support, with diminished spread and volume. There might be more than one LPS on some charts.Follow if you like this kind of analysis!Fake break out at 40usd. Price seems bearish over the next few days.I am still expecting the price to go lower.My target is around 27 usd