In recent days, the cryptocurrency market has faced heightened bearish volatility, largely due to geopolitical tensions, particularly between Israel and Iran. Ethereum and other altcoins, such as Injective (INJ), have experienced significant price declines.
Overview of Current Cryptocurrency Market Situation
Over the past week, Ethereum (ETH) has lost nearly 9% of its value, trading around $2,520. As expected, altcoins are following similar trends, among which Injective (INJ) has demonstrated a decline of almost 19%.
Prospects for Injective (INJ) in the Market
Despite the short-term price pressure on INJ, chart analysis shows the possibility of an upcoming bullish reversal. INJ may be replicating a familiar and powerful fractal previously observed in Chainlink (LINK) before its sharp rise in late 2024. The current price of INJ is in a demand zone of approximately $10.50 to $11.10, where a bullish MACD crossover is anticipated. A breakthrough above $12.13 could signal the start of an upward trend.
Conclusion and Recommendations
Predictions in the cryptocurrency market may not always be realized, yet observable fractals often imply a repetition of historical price behavior. If INJ indeed follows LINK's path, a breakthrough above $12.13 could mark the beginning of a significant upward trend with a target around $18. However, it's crucial to remember that a drop below the $10.50 level could invalidate the bullish structure and lead to further losses.
Current market conditions require caution and an analytical approach. Investors should consider the potential for both bullish and bearish scenarios, relying on both technical and fundamental data.
