Injective/Tether USDt (INJUSDT) Market Overview

• Price surged from 13.74 to 14.40, with a final close of 14.11.
• Volume peaked at 142,346.16 during a 14.28 high, indicating strong buying pressure.
• RSI reached overbought levels, suggesting potential near-term pullback.
• Bollinger Bands showed a moderate expansion, reflecting increased volatility.
• A large bullish engulfing pattern formed after a key support level was tested.

Injective/Tether USDt (INJUSDT) opened at 14.04 (12:00 ET-1), traded between 13.74 and 14.40, and closed at 14.11 (12:00 ET). Total traded volume was 142,346.16, with a 24-hour turnover of approximately $1.95M, based on the 15-minute OHLCV data.

The price moved between two major support and resistance zones over the past 24 hours. A key support at 13.74–13.85 was tested and rejected twice, confirming its relevance. A major resistance level at 14.25–14.30 was briefly broken but not held, suggesting consolidation could occur in the near term. A large bullish engulfing pattern formed after the price bounced off 13.74, reinforcing the importance of this level. A doji at 14.25–14.24 also indicated indecision following the sharp rally.

Moving averages on the 15-minute chart show that the price spent much of the session above the 20- and 50-period lines, indicating a bullish bias. On the daily timeframe, the 50-day moving average sits at ~13.98, and the 200-day at ~13.80, placing the current price of 14.11 in a strong accumulation phase. The 100-day line at ~13.92 may act as a short-term floor or trigger increased buying interest if approached.

The RSI peaked at 70–72 during the rally to 14.38, entering overbought territory, which could suggest a near-term correction. Meanwhile, the MACD showed positive divergence early in the session and remained in bullish territory, suggesting continued upward momentum could follow. Bollinger Bands expanded during the 14.20–14.40 range, reflecting increased volatility. Price remained within the bands, indicating a non-extended trade. Volatility is expected to contract as the price consolidates around 14.10–14.15.

Fibonacci retracements showed 14.25 as a critical 61.8% retracement level during the 13.74–14.38 swing. The price tested this level twice before pulling back. The 14.10–14.15 zone represents the 38.2% retracement level, which may act as a potential pivot point. On the daily chart, the 13.90–14.05 range marks the 50% retracement of the recent move, offering a strategic area to watch.

Backtest Hypothesis

A potential backtesting strategy for INJUSDT could involve a breakout-based system focused on the 15-minute time frame. Given the clear testing of key support and resistance levels, the idea is to enter long at the break of 14.25 (61.8% level) or short at the break of 14.10 (38.2% level). Stops can be placed just beyond the most recent swing lows and highs, while targets can be set using the projected ATR or Fibonacci projections. This approach would align well with the observed volume spikes and momentum divergences, providing a data-driven, time-sensitive trading model.