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Summary
• Price rose from $5.05 to $5.38, forming a bullish engulfing pattern near $5.2.
• Volatility expanded sharply after 05:30 ET, with volume spiking 10x during the $5.3–$5.38 range.
• RSI hit overbought territory and reversed, while price remained near 50-period moving average.
• Bollinger Bands widened as momentum diverged, with closing price near the 1.618 Fibonacci level of a key retracement.
• Turnover confirmed price strength into $5.38 but failed to hold, indicating potential short-term profit-taking.
The 50-period moving average on the 5-minute chart provided temporary support and resistance during the day, while the daily 200-period MA remained neutral.

Volume spiked dramatically around the $5.3–$5.38 range, peaking at over 58,000 INJ per candle. This volume was largely concentrated in the morning hours (ET), supporting the initial bullish move. However, after the peak, volume diminished significantly, suggesting a lack of conviction in the rally. Notional turnover confirmed the strength of the initial move but diverged from price as the pair drifted lower in the afternoon.
Risk for the next 24 hours includes a potential continuation of the downward drift if volume remains subdued, or a sharp rebound if buyers re-enter near the $4.90 support level.
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