Market Overview for Injective/Tether (INJUSDT): Bullish Breakout Amid Elevated Volatility

• Price surged 5.2% on the back of a bullish breakout above prior resistance at $13.5.
• RSI crossed into overbought territory, suggesting possible near-term profit-taking pressure.
• Volume spiked 74% during a critical $13.55–$13.45 range, indicating growing accumulation.
• Bollinger Bands widened during key buying sessions, signaling increasing volatility.
• A bullish engulfing pattern emerged around 08:15 ET, confirming a reversal in bearish sentiment.

Injective/Tether (INJUSDT) opened at $13.39 on 2025-09-15 and traded within a $13.26–$13.70 range over the next 24 hours, peaking at $13.70 before settling at $13.59. Total volume reached 235,063.50, with notional turnover hitting $3,167,346. A robust candlestick pattern formed early in the session, followed by a consolidation phase that ended with a decisive breakout.

Structure & Formations

INJUSDT formed a bullish engulfing pattern at $13.56 on 08:15 ET, confirming a reversal of bearish momentum. A key resistance level at $13.55 was cleared, pushing the pair to fresh highs. A doji formed at $13.50 on 09:00 ET, suggesting indecision after the breakout. The price remained above the 20-period and 50-period moving averages on the 15-minute chart, signaling strong bullish bias.

Support & Resistance

Key support levels identified include $13.40, $13.32, and $13.26, with the latter acting as a critical floor during a sell-off on 04:15 ET. Resistance levels were confirmed at $13.55, $13.60, and $13.68, with the latter being breached briefly before the price consolidated.

Moving Averages & MACD / RSI

The 20-period and 50-period moving averages on the 15-minute chart both crossed above key support levels, reinforcing the bullish bias. The MACD histogram expanded positively during the breakout and remained in positive territory, indicating strong momentum. The RSI reached overbought levels (above 70) on multiple occasions, notably at 08:30 ET and 09:30 ET, suggesting potential pullbacks before further upside.

Bollinger Bands & Volatility

Volatility surged during a breakout session from $13.50 to $13.70, with the upper Bollinger Band widening to accommodate the $13.70 peak. The price remained above the mid-band for the majority of the session, confirming bullish strength. A contraction in volatility was noted around 04:00–06:00 ET, followed by a sharp expansion as liquidity returned to the market.

Volume & Turnover

Volume spiked significantly during a consolidation phase at $13.50–$13.45, reaching 34,050.00 in a single 15-minute interval. Notional turnover increased in tandem with the price action, particularly during the breakout and consolidation phases. No significant divergence between price and volume was observed, supporting the validity of the bullish signal.

Fibonacci Retracements

Fibonacci retracements drawn from the $13.26 low to the $13.70 high identified key levels at 38.2% ($13.54), 50.0% ($13.48), and 61.8% ($13.42). The price held above the 61.8% level, confirming buying interest at deeper retracements. On the 15-minute chart, a $13.42–$13.55 swing showed similar Fibonacci support/resistance dynamics, with the 50.0% level acting as a key pivot.

Backtest Hypothesis

The observed bullish engulfing pattern and overbought RSI conditions suggest a viable entry setup for a long position with a stop below $13.40 and a target at $13.68. A backtesting strategy could be designed to enter on the confirmation of the engulfing pattern, with a trailing stop-loss initiated at $13.50 as the price consolidates. This approach would align with the recent momentum and volume profile, while managing risk through dynamic exits.