Date: Sat, June 07, 2025 | 07:20 AM GMT
The cryptocurrency market is bouncing back strongly after Thursday’s sharp sell-off, which briefly dragged Bitcoin (BTC) to a low of $100,430 and Ethereum (ETH) to $2,387. However, the tide has turned—BTC has reclaimed levels above $105,000, while ETH has recovered to around $2,500. This broader rebound is now lifting sentiment across altcoins, including Injective (INJ).
INJ is back in bullish territory with a notable 5% intraday gain, and chart analysis suggests this rally might still have legs to run.
Bearish Cypher Harmonic Pattern in Play
A look at the 4-hour chart shows that INJ is forming a Bearish Cypher harmonic pattern—a structure well-known in technical analysis for projecting short-term bullish continuations before a potential pullback.
- The pattern began with a top at $15.46 (point X)
- Dropped to $11.56 (point A)
- Bounced to $13.13 (point B)
- Fell again to $11.18 (point C)
From point C, INJ began climbing again, and now it’s in the middle of forming the final D leg of the Cypher. The projected target for this move lies between $14.54 and $15.46—a price zone supported by the 78.6% Fibonacci retracement of the XC leg and the 100% Fibonacci extension.
If this harmonic structure completes as expected, INJ could rally another 17% to 24% from its current levels, bringing it back near its local highs.
What’s Next for INJ?
The coming sessions will be key in determining whether INJ can sustain this recovery and complete the pattern. A continued breakout toward the $14.54–$15.46 resistance zone could trigger more interest from technical traders and algorithmic bots watching for harmonic setups.
That said, if INJ fails to build further momentum—or worse, dips below point C—it could invalidate the pattern and increase the risk of a deeper correction.
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