Injective/Tether (INJUSDT) Market Overview: 24-Hour Analysis on 2025-09-20

• Price dropped to a 24-hour low of $13.72 before rebounding slightly by the close.
• Volatility spiked mid-day as Injective/Tether broke through key support and tested psychological levels.
• Notional turnover reached $13.7 million during the 17:30–19:00 ET selloff, signaling increased bearish sentiment.
• Overbought RSI conditions were absent, but bearish momentum remained strong in early morning trading.
• Bollinger Bands expanded significantly during the sell-off, indicating a high-volatility phase.

Injective/Tether (INJUSDT) opened at $14.07 on 2025-09-19 at 12:00 ET and closed at $13.78 on 2025-09-20 at 12:00 ET, after hitting a high of $14.17 and a low of $13.69. Total volume for the 24-hour period was 231,581.98, with a notional turnover of approximately $3,245,115. The pair experienced a sharp selloff in early evening hours, breaking below key support levels and creating a bearish continuation pattern.

Structure & Formations

The price action displayed a bearish breakdown below the $14.00 psychological level and tested support at $13.90 and $13.80, both of which failed to hold. A long black candle with a short lower wick formed around 17:30–18:45 ET, indicative of strong bearish pressure. A potential bullish reversal may be forming near $13.72–$13.75, where volume and price action started to stabilize. A doji near $13.80 may suggest short-term indecision, but the overall structure remains bearish.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both turned downward during the selloff, confirming bearish momentum. On the daily chart, the price closed below the 200-period MA for the first time in several days, indicating a potential shift in the medium-term trend. The 50-period MA also crossed below the 100-period MA, reinforcing bearish conditions.

MACD & RSI

The MACD histogram expanded sharply during the selloff, with bearish divergence visible from 17:30 to 19:00 ET. RSI dropped below 30 in the early morning hours but failed to rebound meaningfully, indicating oversold conditions were not followed by a reversal. The RSI remains in neutral to bearish territory, with no clear signs of an imminent recovery.

Bollinger Bands

Volatility expanded as the price moved below the lower Bollinger Band during the selloff, particularly between 17:30 and 19:00 ET. This indicates increased bearish momentum and suggests that traders may expect a continued test of the $13.60–$13.65 level. Price remained within the bands for the majority of the session, but the expansion and subsequent contraction could signal a potential consolidation phase if the $13.72 level holds.

Volume & Turnover

Volume spiked during the 17:30–19:00 ET selloff, with the 17:30 candle alone seeing 11,346.08 in volume and $157,369 notional turnover. Price and turnover were in alignment during this phase, confirming bearish strength. However, after 23:00 ET, volume decreased despite the price moving closer to the lower Bollinger Band, suggesting waning momentum and possible short-term stabilizing conditions.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 15-minute chart, the $13.90 and $13.80 levels were critical 38.2% and 61.8% retracement levels, respectively, from a previous bullish swing. These levels were successfully broken during the selloff, reinforcing the bearish bias. On the daily chart, the 61.8% retracement of the prior year’s high aligns with the $13.65–$13.70 range, a potential target for further downside should the trend continue.

Backtest Hypothesis

A potential backtest strategy could be based on confirming bearish continuation after a breakdown of key Fibonacci and moving average levels. A long black candle with high volume and a close below the 50-period MA could serve as the trigger, with a stop-loss placed above the nearest resistance level (e.g., $13.90–$13.95). A target could be the next Fibonacci level at $13.65. This approach would aim to capture continuation moves in a bearish trend while using key technical levels to manage risk. Given the recent confirmation of bearish momentum and the alignment of price, volume, and indicators, this strategy may offer a high-probability short-term trade setup for the next 24 hours.