Market Overview for Injective/Tether (INJUSDT) – 24-Hour Summary

• Price declined from $12.56 to $12.21 before rebounding to close at $12.43, showing bearish pressure followed by a strong recovery.
• High volume was recorded during key price reversals, especially between 23:00–06:30 ET, suggesting significant participation.
• RSI reached overbought territory at 75+, indicating potential pullback risk, while Bollinger Bands showed expansion during the late-night rally.
• A bullish engulfing pattern formed near $12.40, suggesting short-term support, while a bearish divergence in volume below $12.30 raised caution.
• Fibonacci levels at 61.8% of the recent swing ($12.42) aligned with key resistance, reinforcing the significance of the $12.43–12.45 price level.

At 12:00 ET–1 on 2025-09-22, Injective/Tether (INJUSDT) opened at $12.28, hit a high of $12.56, a low of $12.11, and closed at $12.43 by 12:00 ET on 2025-09-23. Total 24-hour volume amounted to 554,618.38 INJ, with a notional turnover of $6,843,735. The price action showed a volatile but ultimately bullish trajectory, with strong support and resistance levels emerging as key price levels became tested.

Structure & Formations

The 24-hour price action for INJUSDT exhibited a clear bearish thrust from $12.56 to $12.11, followed by a strong reversal that formed a bullish engulfing pattern near $12.40. A doji appeared at $12.20, indicating indecision after the initial bearish breakdown. A key support level formed at $12.20–12.25, where the price rallied sharply. Resistance was noted at $12.43–12.45, aligning with the 61.8% Fibonacci level of the prior downward swing. These levels are likely to remain critical in the coming 24 hours.

Moving Averages

On the 15-minute chart, the price closed above the 20-period and 50-period moving averages, suggesting short-term bullish momentum. Daily averages (50, 100, and 200-period) indicate that INJUSDT remains above all three, indicating a medium-term bullish bias. The 50-period MA is currently around $12.39, while the 200-period MA is at $12.31, providing a strong baseline of support.

MACD & RSI

The RSI reached overbought levels (75+) at the peak near $12.56, suggesting a potential pullback, while it dipped into oversold territory at $12.11, pointing to a possible rebound. The MACD histogram showed a sharp divergence during the afternoon, with bearish momentum followed by strong positive momentum during the overnight rally. This suggests that while bearish pressure is still present, the market is showing signs of buying strength as buyers entered during the test of key support levels.

Backtest Hypothesis

A proposed backtesting strategy involves entering a long position on INJUSDT when the 20-period EMA crosses above the 50-period EMA on the 15-minute chart and the RSI moves above 40, indicating renewed bullish momentum. The strategy exits the trade when the EMA crossover reverses or when the RSI reaches 75+, signaling overbought conditions. Historical data from the last 24 hours aligns with this framework, as the 20/50 EMA crossover occurred at $12.37–12.39, coinciding with the bullish reversal. This strategy may offer high-probability entry points, provided the market continues to respect the identified support and resistance levels.