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

Summary
• Price declined from $5.40 to $5.20 amid uneven volume distribution.
• Key support appeared around $5.30–$5.25, with bearish momentum confirmed by RSI and MACD.
• Volatility expanded after 05:00 ET, as Bollinger Bands widened and price broke below the 20-period MA.
• Downtrend accelerated during late ET hours, with a potential 5.23–5.20 consolidation zone forming.
• Volume surged during the sharp drop, but turnover did not match the intensity, suggesting possible retail participation.

Market Overview

Injective/Tether (INJUSDT) opened at $5.38 (12:00 ET − 1), reached a high of $5.42, and closed at $5.23 at 12:00 ET. The pair recorded a 24-hour volume of 239,247.22 INJ and a notional turnover of $1,274,772. The price action reflected heightened bearish momentum, with a sharp pullback from the 5.40 resistance into a key support range.

Structure & Formations

Price formed a bearish engulfing pattern around 05:00 ET, confirming a breakdown of a short-term resistance cluster near $5.35–5.40. A key support zone between $5.30 and $5.25 emerged as price tested the area multiple times before consolidating near $5.23. A small bullish doji near $5.23 suggests potential short-term indecision, but the overall bearish structure remains intact.

Moving Averages

On the 5-minute chart, price fell below the 20-period and 50-period moving averages during the early ET session, with the 20SMA dropping below the 50SMA to form a bearish crossover. On the daily chart, INJUSDT is below the 50- and 200-period MAs, indicating a longer-term bearish trend that could continue if the support at $5.20 is not tested.

Momentum and Volatility

Relative Strength Index (RSI) confirmed bearish momentum, hitting oversold conditions near 30 during the late ET selloff. The MACD turned negative and remained below the signal line, reinforcing the downward bias. Volatility expanded significantly during the 05:00–07:00 ET period, as Bollinger Bands widened and price broke out to the downside. The current price sits near the lower band, suggesting further consolidation or a potential rebound could occur in the near term.

Volume and Turnover

Volume spiked during the sharp selloff between 04:30 and 06:00 ET, with over 30,000 INJ traded in that window. However, the increase in volume was not fully reflected in turnover, indicating weaker conviction from larger market participants. A divergence between volume and price intensity could hint at retail or short-term speculative selling rather than institutional bearishness.

Fibonacci Retracements

Applying Fibonacci levels to the 5.40–5.20 swing, the price found support at the 61.8% level near $5.23, suggesting a possible short-term floor. A break below 5.20 would bring the 78.6% retracement at $5.15 into focus. On the daily chart, the 61.8% level of a larger uptrend (if defined) could offer further insight if the bearish move continues.

Injective/Tether is showing signs of short-term exhaustion in the $5.20–5.25 range, with momentum indicators and volume trends supporting a bearish outlook. If the pair tests the $5.20 level, it could either reverse or continue lower depending on buying interest. Investors should monitor the 5.23–5.25 zone for potential reentry opportunities but remain cautious of extended bearish follow-through.