The cryptocurrency market is starting to recover after a recent downturn. Ethereum shows positive movement, and some altcoins, including Injective, are also performing well.
Market Situation
The cryptocurrency market is regaining momentum following recent corrections. Today, Ethereum (ETH) has increased by over 3%. This positive sentiment is also spreading to other major altcoins.
Injective (INJ) Harmonic Pattern
Interest in Injective (INJ) is also growing: today, it surged by 7%, extending its monthly gains to 26%. Chart analysis indicates the formation of a harmonic ABCD pattern that might suggest a larger upside. The pattern began in April when INJ rose from $6.30 to $13.80 in early June. It later retraced to $8.98 before starting a new rise.
Forecast for INJ
Trading near $14.23, INJ has recently bounced off the 200-day moving average around $12.77. If the token can maintain this position and generate buying momentum, there is potential for a 27% increase towards approximately $18.10. Minor pullbacks may occur along the way, but the overall structure remains bullish as long as INJ stays above the 200-day moving average.
Regular monitoring of prices and technical patterns in the market can help investors and traders make informed decisions amidst current volatility.
