Based on hourly chart of $INJ .

Observations:

1. Price Movement:

• The price recently hit a low of 28.669 and rebounded but has since been consolidating.

• The Bollinger Bands indicate a range-bound movement with the price hovering near the middle and lower bands.

2. Indicators:

• RSI: The RSI (6, 12, 24) values are all below 50, suggesting weak momentum and potential bearish sentiment.

• MACD: The MACD line is below the signal line, and the histogram is slightly negative, indicating a bearish bias.

• Volume: Volume appears to be declining after a surge, suggesting reduced trader interest during the current consolidation.

3. Pattern Formation:

• The chart appears to be forming a descending triangle pattern:

• Lower Highs: Each peak in the recent candles is lower than the previous one.

• Horizontal Support: The price is finding support around the 28.8-29.0 level.

Conclusion:

The descending triangle pattern is generally a bearish continuation pattern. If the price breaks below the support level of 28.8, it could lead to further downside. However, if the price breaks above the descending resistance, it might indicate a bullish reversal. Watch for a breakout accompanied by increased volume for confirmation.$INJ