Injective is one of the famous pioneers of layer-one blockchain for finance, in which user can build and use the Web3 applications. Anyway, Injective also was the first (or one of the first) altcoin which started the next upward/impulse wave sooner than others; and it seems INJ is making an inverted harmonic pattern. If this harmonic pattern takes place, major correction can be anticipated. Although, there is another scenario, that is, a three waves pattern of A-B-C unfold. If this happens, INJ can continue its rise to the Fib level 1; about $50 price level. Or even a mixture of these two scenarios might happen. Let's see which scenario happen.
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So, after INJ completed the A-B-C pattern and reached Fib Extension Level 1, correction started and INJ came down. As said before, INJ has a little more room to rise in order to reach the wide channel's upper line. This could be another reason why the correction happened: to gather momentum for the next upward wave. First, let's see if INJ can hold the current horizontal support area.
So, after INJ completed the A-B-C pattern and reached Fib Extension Level 1, correction started and INJ came down. As said before, INJ has a little more room to rise in order to reach the wide channel's upper line. This could be another reason why the correction happened: to gather momentum for the next upward wave. First, let's see if INJ can hold the current horizontal support area.
So, INJ rose about 4000% and completed the A-B-C pattern. It seems a wide ascending channel might be unfolding; if true, INJ has a little more room to rise to the channel's upper line. Beyond that, INJ have to first break the channel's upper line. Or else, INJ could enter a correction phase. Let's see what happens.