Market Overview: Injective/Tether (INJUSDT) on 2025-12-28

Summary
• Price broke below key support near $4.81, forming bearish engulfing patterns.
• RSI and MACD show diverging momentum, suggesting possible near-term reversal.
• Bollinger Bands tighten in late trading, hinting at a potential breakout.
• Volume spiked during the decline, confirming bearish sentiment.
• Turnover remains in-line with prior 24-hour averages.

Injective/Tether (INJUSDT) opened at $4.852 and closed at $4.808 after a 24-hour session marked by bearish pressure. The price reached a high of $4.869 and a low of $4.772. Total volume for the day was 162,626.56, with notional turnover of approximately $787,731.32.

Structure and Candlestick Formations

Price action displayed multiple bearish engulfing patterns around the $4.82–$4.83 level, suggesting a shift in sentiment. A key support level was identified near $4.81, which was decisively broken during the early hours of the session. A doji formed near $4.786, indicating temporary indecision.

Moving Averages and Momentum

On the 5-minute chart, price spent much of the day below both the 20- and 50-period moving averages, reinforcing the bearish bias. MACD showed bearish divergence during the late morning, as prices continued to fall while momentum slowed. RSI dipped into oversold territory at 27 during the afternoon, potentially hinting at a near-term bounce.

Volatility and Bollinger Bands

Bollinger Bands showed a moderate contraction in the early afternoon, suggesting a period of consolidation. Price remained below the lower band for much of the session, indicating weak volatility. A potential breakout could occur as the bands expand following the late-day increase in volume and price compression.

Volume and Turnover

Volume surged during the early morning and late afternoon declines, confirming bearish momentum. Turnover increased alongside price drops, particularly in the session’s final hours. The absence of a significant spike in turnover during the consolidation phase suggests limited conviction in a rebound.

Fibonacci Retracements

A 5-minute swing from the high of $4.869 to the low of $4.772 saw price testing the 61.8% Fibonacci level near $4.81, which was rejected. The 78.6% level now sits near $4.79 and could offer temporary support in the near term.

The market appears to be in a consolidation phase after breaking a key support level. A test of $4.78 could trigger further downward momentum, but the RSI’s oversold reading suggests a short-term rebound may be in play. Investors should monitor volume during any upward move for signs of strength.