Market Overview for Injective/Tether (INJUSDT) – 24-Hour Summary (2025-10-04)

• Price surged to $13.60 before consolidating near $13.40–$13.45.
• Volatility spiked during the bullish phase, with volume peaking at 92,324.25.
• MACD and RSI show mixed momentum, with RSI briefly entering overbought.
• Bollinger Bands expanded during the breakout, confirming higher volatility.
• Notable 15-min bullish engulfing and bearish harami patterns were observed.

Injective/Tether (INJUSDT) opened at $13.01 at 12:00 ET–1 and traded between $12.84 and $13.60 before closing at $13.30 at 12:00 ET. Total 24-hour volume amounted to 1,122,231.73, with a notional turnover of $14,820,764.95. Price action showed strong intraday momentum followed by consolidation.

Structure & Formations

Price formed a key intraday high at $13.60, with a 15-min bullish engulfing pattern observed around 21:15 ET as the price surged from $13.39 to $13.51. This was followed by a bearish harami at 22:45 ET, indicating a potential short-term top. A cluster of bearish dojis appeared between 02:00 ET and 04:45 ET, suggesting indecision in the market. Key support levels include $13.20 and $13.10, while $13.60 and $13.70 act as immediate resistance.

Moving Averages

On the 15-minute chart, the 20-EMA crossed above the 50-EMA around 20:00 ET, confirming a short-term bullish trend. However, by 03:00 ET, the 50-EMA caught up, indicating slowing momentum. On the daily chart, the 50-DMA is at $13.40, slightly above the 100- and 200-DMA lines, which are closely aligned at $13.35–$13.36, suggesting a mixed-to-bullish bias.

MACD & RSI

The MACD turned positive in the late afternoon and remained above the signal line until early morning, indicating sustained bullish momentum. The RSI briefly entered overbought territory at ~75 before retreating to ~55, signaling caution. A bearish divergence emerged in the RSI during the early morning hours, suggesting weakening bullish conviction.

Bollinger Bands

Bollinger Bands expanded significantly during the bullish phase, with the upper band reaching $13.60 and the lower band at $13.20. Price spent the late-night hours consolidating around the mid-band at $13.35. The narrow band formation in the early morning signaled a potential reversal, which was confirmed by the bearish harami and doji patterns.

Volume & Turnover

Volume spiked to a 24-hour peak of 92,324.25 at 21:15 ET during the bullish breakout. Turnover mirrored the volume trend, with the highest notional turnover occurring during the same period. However, volume dropped sharply after 22:30 ET, indicating reduced conviction behind the bullish move. Price and turnover diverged in the early morning, with declining turnover despite a modest price rebound.

Fibonacci Retracements

A key Fibonacci level at 61.8% of the $12.84–$13.60 swing came in at $13.33, which aligned with the 50-DMA and the Bollinger mid-band. Price tested and briefly held above this level during consolidation, but failed to push above it decisively. A 38.2% retracement at $13.47 acted as a temporary resistance.

Backtest Hypothesis

Given the observed 15-minute bullish engulfing pattern and the subsequent bearish harami, a backtest strategy could look to enter long positions on a confirmed breakout above the 61.8% Fibonacci level, with a stop-loss just below $13.20. A short trade could be triggered on a close below $13.26, using the 50-EMA as a trailing stop. Historical data suggests such patterns have a 60–70% success rate when paired with strong volume confirmation.