Market Overview for Injective/Tether (INJUSDT): 24-Hour Technical Analysis

• Price dropped from $7.87 to $6.82 amid heavy bearish pressure and high-volume breakdowns.
• Volatility surged as Bollinger Bands widened, indicating a potential turning point.
• RSI signaled oversold conditions toward the close, hinting at possible near-term stabilization.
• Volume spikes coincided with sharp declines, indicating strong bearish sentiment.
• Key support at $6.70–$6.85 forms a critical area for possible short-term bounce or continuation.

The 24-hour period for Injective/Tether (INJUSDT) began at $7.65, with a high of $7.87 and a low of $6.53, closing at $6.95 at 12:00 ET. Total volume amounted to 1,401,929.99, and turnover reached approximately $9,937,805. This sharp decline from the day's high suggests a strong bearish bias, with large-volume candles marking key breakdowns.

Structure & Formations

Price action displayed a bearish engulfing pattern during the early morning hours, confirming a shift in sentiment. A notable bear trap occurred near $7.65, where buyers were lured in only to see a reversal. A key support zone emerged around $6.70–$6.85, where price stalled multiple times and may find temporary refuge.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both crossed below the price, confirming the downward trend. The 50-period MA acted as a dynamic resistance, holding price below it for much of the session. On a broader scale, the 50-period and 200-period daily MAs are also bearish aligned, suggesting medium-term continuation of the current trend.

MACD & RSI

MACD remained in negative territory with a bearish divergence, reinforcing the downward momentum. The RSI bottomed at 25 during the final hour of the session, indicating severe oversold conditions, which may attract short-covering or bargain hunters. However, a strong rebound remains unlikely unless bullish volume surges.

Bollinger Bands

Volatility expanded significantly throughout the day, with price breaching the lower band on several occasions. The widening bands reflect heightened market anxiety and uncertainty. Price has been trading near the lower band for much of the session, suggesting increasing bearish pressure.

Volume & Turnover

Volume spiked during the breakdown phases, especially in the 15:30–16:00 ET and 15:00–15:30 ET periods, where price dropped sharply from $7.22 to $6.91 and later to $6.82. Turnover diverged from price during the early hours, with lower turnover despite continued declines, suggesting waning conviction in the bearish move.

Fibonacci Retracements

Key Fibonacci levels from the recent $7.65 to $7.87 high showed price finding resistance at the 61.8% retracement level ($7.74) and breaking decisively below the 38.2% level ($7.70). The 61.8% Fibonacci retracement from the $7.65 to $7.30 low is now at $7.48, a potential short-term resistance level if a bounce occurs.

Backtest Hypothesis

The backtest strategy described seeks to identify oversold conditions using RSI < 30 as a signal for potential bullish bounces. In the 24-hour INJUSDT dataset, RSI approached the 25 level near the close, aligning with the hypothesis. A successful backtest would require historical RSI data for INJUSDT to track how often a buy signal at RSI < 30 resulted in a meaningful recovery over the following 24 hours. To proceed, the exact symbol and exchange (e.g., BINANCE:INJUSDT) or the raw RSI/price data must be provided.