Injective (INJ) Rallies 9% on New Financial Primitive — Look for a Pullback
I see Injective rallying strongly after the announcement of a new financial primitive — INJ jumped about 9% to $16.39 and cleared a key resistance level.
Momentum is bullish, but the RSI is approaching overbought territory, so I expect a near-term pause or pullback before continuation. I'll be watching for a retest of the breakout as confirmation.
Analysis
Recommendation
I'm inclined to buy on weakness — wait for a retest of the breakout or a cooling of RSI before initiating or adding to positions, and use a clear stop-loss below the confirmed support.
Disclaimer
The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.