- Crypto Tony advises waiting for $INJ to break above $29 for a safer entry point.
- PYTH has gained 20%, with a stop loss set at $0.30 to ensure a risk-free trade.
- INJ trades at $24.77, marking a 7.69% decline over the past 24 hours.
The crypto markets are witnessing significant movements in INJ and PYTH, attracting trader interest with distinct trading strategies. Both assets have shown substantial activity, prompting updates on their price actions and strategic insights from Crypto Tony, an analyst on X.
Crypto Tony highlights that INJ is in a mid-range zone on the weekly timeframe. The price sits between key support levels at $20 and $10 and an upper resistance level at $29.
This mid-range position indicates potential movement in either direction, making it a challenging time to enter trades. Tony advises waiting for a confirmed break above $29 for a safer long entry. Additionally, traders should set stop-loss orders below key support levels to mitigate downside risks effectively.
Injective (INJ) trades at $24.77 at press time, marking a 7.69% decline over the past 24 hours and a 6.57% increase over the past week. With a 24-hour trading volume of $139,170,300, the market cap stands at $2,406,706,740, backed by a circulating supply of 97 million INJ.
CryptoBusy’s chart analysis of PYTH shows an Elliott Wave pattern, suggesting the potential completion of a five-wave corrective structure. The waves depict a typical pattern with an initial downward movement (Wave i), a correction (Wave ii), a strong downward push (Wave iii), another correction (Wave iv), and a final leg down (Wave v).
The price has gained 20% so far, at $0.3564 at the time of analysis, with notable support at $0.30. Tony has already taken some profits and adjusted the stop loss to $0.30, ensuring a risk-free trade and securing gains.
At press time, Pyth Network (PYTH) is priced at $0.3446, reflecting a 5.13% decline in the last 24 hours and a 4.47% increase over the past week. Its trading volume is $72,673,838, with a market cap of $1,252,723,193, and a circulating supply of 3.6 billion PYTH.
For INJ, Crypto Tony emphasizes the importance of waiting for a breakout above $29 to confirm a bullish trend. Meanwhile, for PYTH, taking partial profits and moving the stop loss to $0.30 provides a risk-free trading environment.
