Market Overview for Injective/Tether (INJUSDT)

• Price declined sharply from $13.70 to $12.26, with heavy volume and low volatility in the morning.
• RSI hit oversold levels in the early hours, while MACD showed bearish momentum all day.
• A key support level appears near $12.25, with a possible rebound forming in the last 3 hours.
• Turnover spiked dramatically during the drop, confirming bearish sentiment.
• Bollinger Bands show price tightly clustering at the lower band, signaling potential reversal.

Injective/Tether (INJUSDT) opened at $13.72 on 2025-09-21 at 12:00 ET and closed at $12.28 at the same time the next day. The 24-hour range was $13.72 (high) to $12.06 (low), representing a bearish trend. Total volume for the period was approximately 1,019,600 INJ, while total turnover reached $13.2M. The market exhibited strong downward momentum, particularly after midnight ET.

Structure & Formations

Price action over the 24-hour period showed a significant bearish bias, with a sharp decline beginning in the early hours of 2025-09-22. The price formed a series of lower highs and lower lows, indicating a strong downtrend. Notable bearish patterns include a shooting star near the top of the day’s range and a bearish engulfing pattern between 00:45 ET and 01:00 ET. A key support level appears to be forming near $12.25–$12.30, with the price stabilizing in that area in the final hours. A potential trading range consolidation is visible as price bounced off the lower bound in the afternoon.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both sloping downward, with the 50-period lagging behind the 20-period, indicating a strong short-term bearish trend. On the daily chart, the 50-period MA crossed below the 100-period and 200-period MAs in recent sessions, reinforcing the bearish bias. If price holds above $12.25, a potential bullish crossover on the 15-minute chart could offer short-term buyers an entry point, though the dominant trend remains downward.

MACD & RSI

The MACD line remained below the signal line throughout the 24-hour period, with negative divergence confirming bearish momentum. RSI hit oversold levels in the early morning, dropping to 26, but failed to rebound, suggesting continued selling pressure. A potential RSI rebound above 35 could signal short-term buying interest, but without a strong reversal candle, this may be short-lived. Momentum remains negative and is likely to continue unless a strong bullish reversal forms at support.

Bollinger Bands

Bollinger Bands indicate a period of low volatility in the early part of the day, with the price tightly clustering near the lower band. A sharp expansion occurred as the price dropped from $13.70 to $12.30, with the bands widening significantly. Price has remained close to the lower band for much of the session, reinforcing the bearish narrative. A potential breakout above the upper band would require a sharp reversal, which appears unlikely in the near term.

Volume & Turnover

Volume spiked during the sharp selloff from $13.70 to $12.30, especially between 00:45 ET and 02:00 ET, confirming bearish conviction. Turnover also surged in this period, with the largest single 15-minute candle (at 00:45 ET) accounting for over $4.4 million in turnover. In contrast, volume has decreased in the final 3 hours, indicating reduced selling pressure. This could signal a potential short-term bottom forming, though a breakout would still require strong volume confirmation.

Fibonacci Retracements

Fibonacci levels drawn from the high of $13.70 to the low of $12.06 show that price has bounced near the 61.8% retracement level at around $12.32. This suggests that the price may find support or resistance at these levels in the near term. On the 15-minute chart, recent swings suggest the 38.2% level at $12.37 could act as a potential resistance if the price moves higher in the short term.

Backtest Hypothesis

A potential backtesting strategy would involve a short entry at key resistance levels (e.g., $12.35–$12.40) with a stop-loss above the 38.2% retracement and a target at the next Fibonacci level or the 20-period moving average. Long entries could be triggered if RSI crosses above 35 with strong volume at support levels, but these signals have shown weak reliability in recent sessions. Given the current environment, a bearish bias with a scalping approach using tight stop-losses may offer the best risk/reward profile.