Injective/Tether (INJUSDT) Market Overview

• INJUSDT opened at $7.74 and closed at $7.94, with a 24-hour high of $7.97 and low of $7.46.
• Price surged by 2.58% over the past 24 hours, breaking above a key resistance near $7.70.
• Volume spiked late in the session, confirming bullish momentum on a 6.5% volume increase.
• RSI crossed into overbought territory at 72, indicating potential for a near-term correction.
• Bollinger Bands show moderate volatility, with price near the upper band for much of the day.

Injective/Tether (INJUSDT) opened at $7.74 on 2025-10-31 at 12:00 ET and closed at $7.94 by 12:00 ET on 2025-11-01. The pair reached a high of $7.97 and dipped to a low of $7.46 over the 24-hour period. Total volume reached 383,848.49 INJ, with a notional turnover of approximately $3.03 million.

The 15-minute chart shows a clear bullish trend, with a strong rebound forming from the $7.60 support level. A key Bullish Engulfing pattern formed around 20:45 ET, confirming a reversal from a short-term decline. Additionally, a Hammer pattern emerged near the $7.50 level on 2025-10-31 at 17:15 ET, signaling potential buying interest.

Structure & Formations

Support appears to have solidified around $7.60–$7.63, with a secondary level near $7.46 providing a deeper floor. Resistance levels have shifted to $7.80–$7.90 and could see renewed pressure, especially if the recent Bullish Engulfing pattern holds. A Bullish Harami at 03:15 ET on 2025-11-01 may also signal a consolidation before a potential breakout.

Moving Averages

On the 15-minute chart, the 20-period moving average rose above the 50-period line, forming a golden cross. This supports the short-term bullish bias. On the daily chart, the 50-period MA is approaching the 200-period MA from below, hinting at a potential crossover that could affirm a longer-term upward shift in sentiment.

MACD & RSI

The MACD line crossed above the signal line in the morning, aligning with the price surge. Positive divergence was observed around 02:30 ET, where price made a new low but MACD did not, suggesting a weakening bearish momentum. The RSI rose to 72, entering overbought territory, which may indicate a pullback is due unless buyers continue to dominate.

Bollinger Bands

Volatility remained moderate, with price staying within the bands for most of the session. A brief expansion occurred around 09:00–10:30 ET, coinciding with increased volume and a breakout attempt. Price tested the upper band multiple times in the latter half of the day, indicating strong demand.

Volume & Turnover

Volume spiked during the early hours of the morning, particularly between 04:00 and 07:00 ET, where turnover increased by 6.5%. The price action during this time correlated with the volume surge, validating the strength of the move. Divergences were noted in the late afternoon, where volume was high but price action was mixed, suggesting potential short-term exhaustion.

Fibonacci Retracements

Applying Fibonacci levels to the recent swing low ($7.46) and high ($7.97), key levels include $7.73 (38.2%) and $7.66 (61.8%). Price retested these levels with mixed results, suggesting these areas may still act as psychological barriers. The 78.6% level (~$7.58) appears to have offered strong support earlier in the session.

Backtest Hypothesis

To develop a robust backtest strategy for INJUSDT, we require a reliable dataset of Bullish Engulfing signal dates. The current data provider does not recognize the symbol “INJUSDT,” preventing automated extraction. One of the following actions is needed to proceed with the 3-day holding back-test:

1. Try an alternative symbol that the data provider may recognize (e.g., “INJUSDT.BINANCE”, “INJ-USDT”, or “INJ-USDT-SPOT”).
2. Upload a pre-computed list of Bullish Engulfing signals (e.g., in CSV or JSON format) for direct integration into the back-test engine.
3. Provide raw OHLC data from January 2022 to present (daily open, high, low, close) for internal pattern detection.

Once the correct symbol or data source is confirmed, the back-test can proceed. This will help assess the viability of entering long positions following a Bullish Engulfing pattern and holding for three days.