INJ May Retrace and Fall to 0.382 Fib Level, Warns Crypto Analyst

A crypto analyst under the pseudonym Woetoe recently took to X to share his analysis for INJ. While investors expect a bullish trend on INJ, Woetoe believes a retracement to the support and the 0.382 fib level would “make a lot of sense.” The crypto analyst also stated that he is not “longing here.”

It seems that Woetoe’s analysis may be right as INJ, today, faced a fall of 2.49% in one day. According to CoinmarketCap, INJ is priced at $13.41, at the reported time. Despite the downfall observed in 24 hours, the altcoin still maintains a 19.96% spike in seven days as it trades in the green section of the chart.

The slight downfall could be a response to its overbought trading activity. Traders believe that after an overbought trading activity, the chances for a retracement could gradually increase. INJ could be witnessing the repercussions, which may have been caused by the massive entry of buyers. Meanwhile, the trading volume shows an 11.75% tumble, which could be signaling trader’s decreasing demand for INJ.

Looking at the charts, the candlesticks have tested the $14.494 level. However, it should be noted that, earlier, when INJ hit this level it faced a retracement. By observing the previous price action, there may be a chance that the altcoin could face a fall.

The support line at $1.471 shows high-selling activity. With this in mind, INJ may face a downfall soon. It is still not confirm whether INJ will be able to hold on to the 0.389 fib support level. There may be a chance, after observing the selling action, that INJ could slip down even further.