Injective/Tether (INJUSDT) Market Overview: 24-Hour Breakdown

• Price dropped sharply from $12.63 to $11.79, signaling bearish momentum.
• RSI approached oversold territory, but volume did not confirm strong selling pressure.
• Bollinger Bands expanded during the sell-off, indicating heightened volatility.
• Volume surged during the 12:30 ET–12:45 ET window, aligning with a key price swing.
• Fibonacci retracements indicate potential support near $11.74 and $11.53.

Injective/Tether (INJUSDT) opened at $12.63 on 2025-09-24 12:00 ET, reached a high of $12.64, and closed at $11.79 by 2025-09-25 12:00 ET, with a low of $11.74. Total volume amounted to 426,256.47 INJ and a notional turnover of approximately $5,331,163. The pair experienced a sharp decline, suggesting bearish sentiment.

Structure and formations on the 15-minute chart revealed a long bearish trend, characterized by a series of lower highs and lower lows. Key support levels emerged at $11.74 and $11.53, based on Fibonacci retracement of the main selloff from $12.63 to $11.79. A notable bearish engulfing pattern formed around $12.45 to $12.39 during the early hours of 2025-09-25, reinforcing the continuation of the downward move.

The 20-period and 50-period moving averages on the 15-minute chart both crossed below price, reinforcing bearish bias. On the daily chart, the 50/100/200 SMA lines were also below the current price level, further aligning with the downtrend. The MACD turned negative early in the 24-hour period and remained bearish, while RSI hit the oversold region but failed to trigger a rebound. This suggests exhaustion in the sell-off and potential for a short-term bounce near $11.80.

Bollinger Bands widened significantly during the 4–5 hour window from 03:00 to 08:00 ET, indicating rising volatility. Price remained near the lower band for much of the session, suggesting a period of consolidation after the sharp decline. Volume spiked notably between 12:30 and 12:45 ET, coinciding with the $11.58 to $11.81 move. Turnover increased by over 100% during this period, indicating strong conviction in the rally.

Backtest Hypothesis: A potential strategy could involve a short trade triggered at the bearish engulfing pattern at $12.45, with a stop loss above $12.53 and a target at $11.80. Given the RSI reaching oversold levels, a small countertrend long could also be considered, with a stop loss below $11.74. A trailing stop at 1.5% during consolidation may help capture potential bounces without exposing to renewed bearish pressure.