Injective/Tether (INJUSDT) 24-Hour Market Overview

• Price surged above $12.80 with strong momentum before consolidating near key resistance.
• Volatility remained elevated as the pair tested upper Bollinger Band and 61.8% Fib level.
• RSI indicates overbought conditions, while volume suggests strong accumulation at recent highs.
• Notable 15-min bullish engulfing patterns formed near $12.70 and $12.85, signaling renewed buying interest.
• Total turnover surged over $400,000 with volume spikes reinforcing price action, no clear divergence seen.

Injective/Tether (INJUSDT) opened at $12.46 (12:00 ET − 1) and closed at $13.08 (12:00 ET today), reaching a high of $13.11 and a low of $12.46. Total volume over the 24-hour period reached 167,962.24 INJ, while total turnover was approximately $2.14 million. Price action was marked by a sharp rally in the afternoon hours, with bullish momentum reinforcing recent breakout attempts.

The 15-minute chart revealed strong support at $12.70, with multiple tests confirming the level's relevance. Resistance levels emerged around $12.90 and $13.00, where price frequently stalled or reversed. A notable bullish engulfing pattern formed near $12.70 and again near $12.85, indicating strong buying pressure at key levels. A doji appeared at $12.96, suggesting indecision following the rally.

MACD crossed above the signal line in the early afternoon, confirming bullish momentum. RSI moved into overbought territory above 65, signaling potential for a consolidation or pullback. Bollinger Bands widened as volatility increased, with price remaining near the upper band in the final hours. Fibonacci retracements highlighted key levels at 61.8% (~$12.98) and 78.6% (~$13.07), both of which were tested during the rally.

Volume and turnover saw significant surges during the afternoon rally, particularly between 15:30 and 16:00 ET, when price broke above $13.00. The positive correlation between volume and price suggests a high probability of continued momentum in the near term. Over the next 24 hours, traders may expect consolidation near $13.00–$13.10 or a test of key support at $12.85. However, risks remain if RSI fails to retreat or if volume begins to wane without a corresponding pullback in price.

A potential breakout scenario appears to be unfolding as bullish momentum gains traction. The price remains well above key 50-period and 20-period moving averages, and the 12.70–12.80 range appears well-anchored as a base for further advances. Traders should closely monitor the 13.00 level and the 50-period MA for signs of a possible pullback or continuation.

Backtest Hypothesis

A potential backtesting strategy could involve a breakout system that enters long when price closes above the upper Bollinger Band and RSI is above 50, with a stop-loss placed just below the nearest Fibonacci retracement level. This approach would capitalize on the current bullish momentum and high volatility, using the $12.98–$13.07 range as a dynamic support zone. Additionally, a trailing stop could be set as price moves higher, locking in profits while allowing for continued upside. Historical data from the last 24 hours suggests that this strategy could have captured a significant portion of the afternoon rally, especially with volume reinforcing the breakout.