Injective/Tether (INJUSDT) Market Overview

Summary
• INJUSDT declined 4.9% in the last 24 hours, closing at $7.24 after peaking at $7.49.
• Key support at $7.15–$7.20 held as price bounced from 03:45 ET, but failed to break above $7.34.
• Volatility expanded early, but narrowed in the last 6 hours, suggesting consolidation before a potential breakout.
• RSI remains below 40, indicating bearish momentum and potential for further downside.
• Volume spiked during the initial drop and again after 14:00 ET, signaling increased selling pressure.

Injective/Tether (INJUSDT) opened at $7.41 on 2025-11-08 at 12:00 ET, reached a high of $7.49, and closed at $7.24 on 2025-11-09 at 12:00 ET, after touching a low of $7.07. The total trading volume over the 24-hour window was 636,478.95 INJ, while the notional turnover was approximately $4,561,237. The pair has shown significant volatility and bearish sentiment in the last day.

Structure & Formations

INJUSDT has formed a descending pattern over the past 24 hours, with key resistance at $7.34–$7.49 and support at $7.15–$7.20. A notable bearish engulfing pattern emerged around 02:45 ET, confirming the downtrend. A doji near $7.20 on 03:45 ET suggests indecision, but price failed to break above it, reinforcing the bearish bias.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both sloping downward, with the price consistently trading below them. This aligns with a short-term bearish bias. On the daily chart, the 50/100/200 MA structure shows a bearish crossover, indicating long-term bearish momentum.

MACD & RSI

The MACD line has turned negative and remains below the signal line, with bearish divergence as price fails to make higher lows while MACD makes lower lows. The RSI is in oversold territory but has been declining, suggesting a lack of buying interest. This could imply that the downtrend may continue until a reversal occurs.

Bollinger Bands

Bollinger Bands have widened early in the session, reflecting heightened volatility during the price drop. Since then, the bands have narrowed, indicating a contraction in volatility and potential for a breakout. Currently, the price is near the lower band, reinforcing the oversold condition and potential for further downside.

Volume & Turnover

Volume spiked during the initial drop to $7.19 and again after 14:00 ET, when price tested $7.20. Notional turnover increased during these periods, confirming bearish momentum. Divergence is observed between price and volume after 16:00 ET, where price stabilized but volume remained high, indicating potential exhaustion of the downtrend.

Fibonacci Retracements

Applying Fibonacci retracements to the swing from $7.49 to $7.07, the 38.2% level at $7.29 and 61.8% at $7.20 have acted as key support levels. Price bounced from the 61.8% level but failed to retest the 38.2% level, suggesting that the next target could be the 78.6% retracement at $7.13.

Backtest Hypothesis

The Bullish Engulfing pattern is a key reversal signal that would have identified potential entry points in the INJUSDT pair. However, the current data-service interface is unable to detect such patterns automatically, returning an error. This suggests either a need to adjust the data source or input format (e.g., adding an exchange suffix like INJ-USDT.BINANCE), or to manually input the pattern dates. As an alternative, limiting the backtest to a shorter time window could help isolate actionable signals. In the absence of automated detection, a fixed-entry rule such as long entries on closes above the 20 EMA with confirmation via RSI divergence could be tested over the last 72 hours. Once the data issue is resolved or an alternative is selected, the five-day-holding strategy evaluation can proceed.

Looking ahead, the pair may remain range-bound or extend the downtrend depending on whether the $7.20–$7.25 level holds. Investors should monitor for a potential reversal or a breakdown below $7.15, which could open the door to $7.00. As always, volatility remains a key risk factor for the next 24 hours.