- Injective (INJ) has surged over 4% in the past 24 hours, pushing its monthly gains to an impressive 34% amid broader crypto market recovery.
- A Bearish Cypher harmonic pattern on the 1-hour chart suggests potential upside to point D near $14.38, representing approximately 5% gains from current levels around $13.70.
- The key resistance zone at $14.38-$14.39 could act as a reversal point, but a breakout above this level may lead to a full recovery to $14.94 for potential 8.83% upside.
- Failure to break above the $14.39 resistance level could signal weakening rally momentum and lead to consolidation or profit-taking pressure.
Date: Mon, May 26, 2025 | 05:36 AM GMT
The cryptocurrency market has started the week with upside momentum after a brief weekend pullback. Bitcoin (BTC) and Ethereum (ETH) are trading in the green today, helping to lift altcoins along with them.
One such altcoin making a strong comeback is Injective (INJ), which has jumped over 4% in the past 24 hours, pushing its monthly gains to an impressive 34%. Now, a key harmonic pattern on the lower timeframe is suggesting that the rally might not be over just yet.
Harmonic Pattern Signals More Upside
On the 1-hour chart, INJ is forming a Bearish Cypher harmonic pattern — a structure often used by traders to identify potential reversal zones once the final leg, CD, is complete. Until that point, the price tends to move upward with bullish strength.
The pattern kicked off on May 23, when INJ hit resistance around $14.94 (point X) before sharply pulling back. The price fell more than 17%, bottoming near $12.37 at point C on May 25.
Since then, Injective has bounced back and is now forming the CD leg of the pattern. If the structure plays out fully, INJ could rally to point D, which lies near $14.38 — the 78.6% Fibonacci retracement of the XC leg. From the current price of around $13.70, this sets up a potential 5% upside.
What’s Next for INJ?
The region around $14.38–$14.39 is crucial. According to harmonic theory, this zone often acts as a reversal point, where selling pressure could return. But if bulls manage to push past this level, it could open the door for a full recovery to $14.94 (point X) — the recent swing high. That would represent a potential 8.83% move from current levels.
However, failure to break above $14.39 may suggest the rally is losing steam. In that case, INJ might consolidate or face light profit-taking before attempting another move higher.
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