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

• Price action was bearish early, with a key rebound and consolidation in the final 3 hours
• INJUSDT closed near mid-range of the day, with moderate momentum
• Volatility and volume surged in the 18–21 UTC window
• RSI and MACD showed mixed signals, no clear overbought/oversold zones
• No strong candlestick reversal patterns formed, but bullish engulfing potential emerged at 8.47

Injective/Tether (INJUSDT) opened at $8.61 on October 28 at 12:00 ET, reaching a high of $8.73 and a low of $8.30 before closing at $8.58 at 12:00 ET on October 29. The pair saw total volume of ~1,189,832 INJ and $10,254,952 in notional turnover over 24 hours. The price moved within a range-driven structure, with bearish pressure early and a gradual recovery in the final hours.

Structure & Formations

The 24-hour price action displayed a bearish bias in the 17:00–20:30 UTC window, with a notable breakdown below 8.40 and a test of 8.30. A strong rebound began at 21:00 UTC, forming a potential bullish engulfing pattern at 8.47. Key support levels were identified at 8.41–8.45, and resistance at 8.57–8.59. The price remained above the 21:45 UTC low (8.30), avoiding a deeper breakdown.

Moving Averages

On the 15-minute chart, price remained below the 50-period MA for most of the session but crossed above it in the final 3 hours. The 20-period MA acted as a dynamic support in the 22:00–23:00 UTC window. On the daily timeframe, the price was below both the 50 and 200-period MAs, indicating a bearish bias for longer-term investors.

MACD & RSI

The MACD line crossed below the signal line early in the session, signaling bearish momentum, but reversed with a positive crossover in the final 2 hours. RSI fluctuated between 45 and 60, indicating moderate bullish momentum but not reaching overbought territory. No clear oversold conditions were observed, suggesting the bearish phase was not extreme enough to trigger strong long accumulation.

Bollinger Bands

Volatility expanded during the early bearish move, with a 1.3% range expansion (from 8.73 to 8.30). Price traded near the lower band at 8.30 and gradually moved toward the middle band by the close. A contraction in volatility was observed between 22:00–23:00 UTC, hinting at potential consolidation ahead of a breakout.

Volume & Turnover

Trading volume spiked in the 18:00–21:30 UTC window, peaking at 40,119.82 INJ at 19:30 UTC. Despite the bearish move, the price did not close lower on high-volume periods, suggesting some buying pressure. Turnover also surged during this window, confirming the bearish move. A divergence between price and turnover was observed near the 8.47 level, where volume declined despite the price rebound, suggesting mixed conviction.

Fibonacci Retracements

Applying Fibonacci to the 19:30–22:00 UTC move (from 8.49 to 8.31), key retracement levels of 8.37 (38.2%), 8.41 (50%), and 8.45 (61.8%) were tested. Price found support at 8.41 and 8.45 and appears to have stalled near 8.47 as a potential 76.4% retracement. A break above 8.47 could target 8.50–8.54 as the next resistance cluster.

Backtest Hypothesis

The backtesting strategy in question attempts to leverage the bullish and bearish engulfing candlestick patterns as trade signals. Given the raw 15-minute OHLC data, it's feasible to programmatically identify engulfing patterns using open and close price relationships, especially during the key 19:30–21:00 UTC rebound. A bullish engulfing pattern was observed at 8.47, which could be used as an entry trigger. For a complete backtest, the strategy would need to be applied to historical data, using a consistent signal (e.g., full engulfing + volume confirmation), with stop-loss and take-profit levels based on Fibonacci or support/resistance levels. This approach aligns with the observed price behavior and could be refined using the OHLC dataset provided.