✴️ Injective Protocol After A 2,357% Bullish Wave | Correction

This is an amazing Cryptocurrency pair, based on the numbers and charts only as I am not aware of any fundamentals... Injective Protocol (INJUSDT) produced a massive 2,357% bullish wave starting July 2022... It is now set to start a major correction the chart shows.

Trading volume peaked January 2023, almost a year ago.
From January 2023 through this day, December 2023, trading volume has been dropping.

The RSI peaked late October while INJUSDT just hit a new high today, producing a strong bearish divergence.

Divergences with the oscillators tend to happen preceding a change of trend.
That's about it.

Bitcoin starts bearish after 8 consecutive weeks green, signaling that the bullish trend is taking a break and the big Altcoins tend to follow and this one is big... Look at the numbers...

Namaste.

Comment:

It is very hard if not impossible to spot a top or bottom... Just be happy if we get it close enough.

Short-term, these are the signals:

- Inverted hammer (top of trend).
- Decreasing volume.
- Dropping RSI.

It can go for more but the top can show up at anytime by surprise.
The market will go to fear from greed.

Be cautious.
Trade safe.

Namaste.

Comment:

After the inverted hammer the drop commences... Look at the volume, see how low it is... It will only increase when the pair gains in bearish speed.

So it is not even started yet.
It can be quiet and easy now and then sudden and strong.

Do what you have to do to either protect your assets or to profit from this drop.

Thanks a lot for your support.

Comment:

Patience... My dearest of friends.

Comment:

4H

D

Caution is advised.

It is only wise to buy/enter at bottom/low prices, risk is minimum.
At high prices it is always the time to take profits; risk is ultra-high.

➖ Buy low in order to sell high.
➖ Buy red to sell green.
➖ Buy support to sell at resistance.

Namaste.

Comment:

Total growth with the updated peak now amounts to 2,985%.
That is, Injective Protocol (INJUSDT) grew by 2,985% in 352 days; From 28-December 2022 through 15-December 2023. Almost an entire year of sustained growth.

A correction (prices moving lower retracing part of the rise) is only normal, natural, healthy and expected. At the same time inevitable.

Now, let's have a closer look at the daily timeframe:

After 13-Dec we have five candles.
Three closed red and four have a long upper wick, which is bearish.

Looking closer, we have more signals indicating that a top is likely in:

We have a lower high and prices moving below EMA10 on the 4H timeframe.

Is it really going lower or will it move higher?

Regardless of up and down, it is too risky to buy at the top with a bullish perspective.

Bull traders should buy low, red, near support.
Sell when prices are high, up, green, near resistance.
After almost 3000% growth, this is the best time to stay out based on my experience.

This is not financial advice. Do your own research but, be cautious because the chart is saying, "DANGER! An incoming drop!"

Namaste.

Trade closed: stop reached:

Parabolic rise:

➖ RSI overbought on the weekly.
➖ MACD at All-Time Highs.

Gamblers are welcome to "trade".

___
I will close this one as a fail but let me share one final thought.

➖ It is unwise to buy at the top.
➖ It is unwise to buy/enter/trade LONG after 3,000% growth.

👉 It is wise and smart to buy at the bottom near support.

The higher it goes, the closer to a flash crash it gets.
You've been warned.

Thanks a lot for the amazing support.

Namaste.

Comment:

Let's say there is still room for additional growth, for the sake of argument... Let's see how a newbie trader would approach this and other pairs that have grown by more than 2,000% already.

Say you decide to jump in based on hype, FOMO and other highly questionable methods of trading.

The price is rising, it is doing so fast and you feel the need to buy in order to "earn money".

Say you buy at $35 and yes, the next day the price rises towards $38, great.
Will you sell?

Your reasoning most likely goes like this: "It can easily go higher, I will continue to hold"... And yes again, it goes higher and hits $40... Will you sell?

Of course not, says your reasoning, I only bought at $35 and it can still go much higher. The next day prices reach $43 and you are feeling good and in the green!

Will you sell? Not likely because you don't have a plan.
The next day prices drop drop from $43 to $38 and huh... You immediately think that you will wait for it to recover, you will wait for prices to go up.

The next day prices hover between $37 and $39 and you are ok because you are still in the green, so... There is no hurt in waiting right?

While you sleep the next day the pair you are holding crashes from $39 towards $25 and you are in deep red... At this point your reasoning is saying, sell! sell! sell! FOMO again.

You sell at a loss and leave with a bad feeling and start wondering and questioning what went wrong.

Since you used FOMO to buy in, no planning, you will use FOMO to exit.
It doesn't matter how far up it goes you are not likely to sell because you do not have a plan, and so the cycle goes... Market psychology 101.

The other version is the one I share with you here on TradingView.
Buy when prices are at the bottom and hold long-term... It doesn't matter what happens next, you are a winner if it breaks bullish, plain and simple.

Namaste.

P.S. When you see a pair that grew by 2,000%, 3,000% or more... Try looking for one that is trading near its bottom, low, near support. Buy low and sell high.

When prices are high, look for the next one.