Injective/Tether Market Overview: INJUSDT on 2025-09-24

• Injective/Tether (INJUSDT) traded in a tight range early before breaking out near 12.50.
• Momentum turned bullish after 04:15 ET, with a strong move above key resistance levels.
• Volatility spiked midday as volume surged to over 74,000 contracts in a key 15-minute bar.
• RSI reached overbought territory late, suggesting potential near-term pullback.
• Price action confirmed by volume during the breakout, indicating strong buyer conviction.

The Injective/Tether (INJUSDT) pair opened at 12.47 on 2025-09-23 12:00 ET and closed at 12.45 on 2025-09-24 12:00 ET, with a high of 12.78 and a low of 11.88 over the 24-hour period. Total volume was approximately 538,532.39 contracts, and notional turnover reached $6.46 million. The price action showed a clear bullish shift in the early morning session, marked by a sharp rebound off key support and a powerful breakout above prior highs.

Structure and key formations suggest that INJUSDT found a strong support level near 12.05, which held as a floor during the early morning selloff. A bullish engulfing pattern formed around 04:15 ET as price surged from 12.0 to 12.12. Later, a triple bottom consolidation near 12.30–12.35 acted as a catalyst for a strong upward move. A doji formed at the top of the 12.48–12.50 range around 15:15 ET, indicating indecision and potential for a pullback.

Moving averages show a bullish alignment on the 15-minute chart. The 20-period MA crossed above the 50-period MA early in the session, confirming the breakout. The daily 50- and 200-period MAs are not visible in the dataset, but the 15-minute alignment suggests strong momentum and a continuation of the uptrend. Price has remained well above the 50-period MA throughout the session, indicating strong buyer control.

Momentum, as measured by RSI and MACD, has shown a strong bullish divergence. The RSI peaked at 72 near 15:45 ET, signaling overbought territory, while the MACD crossed above the signal line and maintained a strong positive divergence. This suggests continued upward pressure, but caution is warranted as the overbought RSI level may trigger a short-term correction. Bollinger Bands showed a significant expansion in the 04:15–06:00 ET timeframe, with price breaking out of the upper band—confirming strong volatility and bullish conviction.

Volume and turnover data confirm the strength of the recent bullish trend. The highest volume spike occurred at 15:45 ET, with 74,227.37 contracts traded during a 15-minute bar, as price surged to 12.78. This coincided with a massive move from 12.56 to 12.78, indicating strong institutional or algorithmic buying. However, a divergence between price and volume occurred at 15:45 ET, where volume decreased slightly despite a higher high being formed—suggesting potential near-term exhaustion. Turnover spiked to over $900k during the same period, confirming the significance of the move.

Fibonacci retracements applied to the key 15-minute swing from 12.05 (low) to 12.78 (high) suggest that 12.43 (38.2%), 12.62 (50%), and 12.71 (61.8%) are key levels to watch. The price tested the 38.2% retracement multiple times and briefly broke the 50% level. If the bullish momentum continues, the 61.8% retracement at 12.71 could be a near-term target, though a pullback to the 38.2% level appears increasingly likely.

Backtest Hypothesis
The described strategy involves entering long positions on a bullish engulfing pattern, confirmed by a breakout above a recent high and a close above the 50-period moving average on the 15-minute chart. A stop-loss is placed below the 20-period MA, and a target is set at the 61.8% Fibonacci retracement level of the recent swing. Over the last 24 hours, this approach would have triggered a long entry at 04:15 ET near 12.00, with a stop below 12.15 and a target at 12.71. The strategy is confirmed by the subsequent move to 12.78, yielding a strong return before the RSI overbought divergence. A similar setup appears at 15:15 ET but is less confirmed due to the lack of clear MA alignment. This hypothesis suggests a high-probability entry for bullish traders when all indicators align—particularly during strong bullish divergences and above the 50-period MA.