Injective/Tether (INJUSDT) Market Overview: Volatile 24-Hour Move with Key Resistance Tested

• Price tested key resistance at $13.40 before consolidating.• Volatility expanded during the overnight hours, with a sharp 15-minute spike to $13.59.• INJUSDT closed near the 50-period moving average on the 15-minute chart.• RSI signaled overbought levels at 70+ during the afternoon, suggesting potential reversal.• Volume spiked during the 15-minute candle that closed at $13.59, confirming bullish momentum.

Injective/Tether (INJUSDT) traded between $12.71 and $13.60 over the past 24 hours, opening at $13.08 (12:00 ET - 1) and closing at $12.75 (12:00 ET). Total volume stood at 1,396,088.24 INJ, with a notional turnover of $18.15 million. The pair saw pronounced volatility during the early morning hours, with a sharp 15-minute move above $13.59.

Structure & Formations

Price tested key resistance at $13.40 and then moved beyond it to $13.59, failing to close above the level. A large bullish engulfing pattern formed at the $13.15–$13.24 range, followed by a bearish reversal at $13.59, suggesting short-term exhaustion. A doji formed at $13.53, indicating indecision, and the price retraced sharply from this level. The 15-minute chart showed a strong fractal resistance at $13.60 and a support cluster around $13.00–$13.05.

Moving Averages

On the 15-minute chart, the price closed just below the 20-period moving average ($13.21) and slightly above the 50-period ($13.18). On the daily chart, the 50-period MA is at $13.33, 100-period at $13.36, and 200-period at $13.30. The price closed below all three, indicating potential bearish pressure. A retest of the 50-period MA is likely as the pair consolidates.

MACD & RSI

The MACD line crossed below the signal line during the afternoon, signaling bearish momentum, and showed a negative histogram. RSI peaked at 75 during the 15-minute candle that closed at $13.59, indicating overbought conditions, followed by a sharp drop to 48 by 12:00 ET. The divergence between price and RSI during the afternoon suggests a possible bearish reversal.

Bollinger Bands

Volatility expanded significantly around 17:15 ET, with a 15-minute candle breaking the upper band at $13.43. The bands expanded to a width of $0.40 (from $13.05 to $13.45) during the overnight hours and have since contracted. Price has been hovering near the lower band in recent hours, suggesting potential for a rebound to the center line.

Volume & Turnover

Volume spiked to 92,324.25 INJ during the 15-minute candle that closed at $13.59, confirming the breakout move. However, the following 15-minute candles showed declining volume, indicating weakening momentum. Total notional turnover reached a peak of $1.23 million during the breakout, but it dropped sharply as price retracted. A divergence between rising price and falling volume in the late morning signaled potential bearish pressure.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute move from $13.15 to $13.59, the price found support at 61.8% ($13.36) and 38.2% ($13.31). The pullback to $13.05 represented a 61.8% retracement of the previous day’s $12.90–$13.30 range. Key Fibonacci levels to watch in the next 24 hours include $13.05 (38.2%), $12.94 (50%), and $12.75 (61.8%).

Backtest Hypothesis

Given the recent break and retest of key resistance levels, a backtest strategy could focus on a breakout-bias approach with stop-loss placement just below the 15-minute low of $13.00. A long entry could be triggered on a close above $13.59 with a stop at $13.50, while a short entry could be taken upon a close below $13.05 with a stop at $13.15. The RSI divergence and volume contraction suggest that traders should be cautious about overleveraging and should consider trailing stops as the pair consolidates.