Market Overview for Injective/Tether (INJUSDT): Volatile 24-Hour Move with Mixed Momentum

• Price opened at $9.67, surged to $10.08, and closed at $9.18 over 24 hours.
• High volatility and volume spiked during key bullish and bearish moves.
• A bearish engulfing pattern formed near the high, signaling potential reversal.
• INJUSDT traded below its 20-period SMA, suggesting weak short-term momentum.
• Bollinger Bands widened as price approached key support, signaling possible consolidation.

Injective/Tether (INJUSDT) opened at $9.67 on 2025-10-13 at 12:00 ET-1 and closed at $9.18 on 2025-10-14 at 12:00 ET. During the 24-hour period, the pair surged to a high of $10.08 and fell to a low of $9.01. The total traded volume was approximately 990,964.2 units of INJ, with a notional turnover of around $9,205,000. This indicates significant activity, especially during late hours when price swung sharply lower.

Over the 24-hour period, the price action of INJUSDT demonstrated a volatile but ultimately bearish trend. After reaching a peak of $10.08, the pair began a sustained descent, breaking below key psychological levels and showing signs of exhaustion in the final hours. The bearish engulfing candle at the peak and the long lower wicks in the final sessions suggest that sellers are gaining control. However, price has yet to close below the 20-period SMA, indicating that short-term bearish pressure may still be partially countered by lingering bullish conviction.

INJUSDT is currently trading near the lower Bollinger Band, with volatility expanding as the band's width increases. This suggests that the market is experiencing a period of heightened uncertainty. The RSI has moved into oversold territory in the final hours of the 24-hour period, implying that further downward movement may be constrained. However, without a strong rebound, this could confirm a breakdown in the near-term bullish bias. MACD has flattened out, indicating that momentum is stalling, and a reversal could be on the horizon if volume picks up on the long side.

Notable Fibonacci retracement levels were touched during the descent from $10.08 to $9.01. The pair briefly found support near the 61.8% retracement level ($9.53) before resuming the downward trend. This suggests that the market may still see some short-covering or technical buying at key levels, particularly if price stabilizes near the 38.2% retracement at $9.66. The 50-period SMA currently sits at $9.80, above current price, which could serve as a critical resistance level for any potential bounce in the near term.

Backtest Hypothesis

To develop a backtesting strategy for INJUSDT, an RSI-14 oscillator is typically a core component for gauging momentum shifts and identifying overbought/oversold conditions. While our system could not access the RSI-14 for INJUSDT, we can suggest alternative approaches. One viable option is to use a proxy symbol that is more widely supported, such as "INJ-USD", which is available on major exchanges and data platforms like Yahoo Finance. Alternatively, if a custom dataset for INJUSDT is accessible (e.g., an exported RSI or price series), we could run the strategy on that directly. Another route is to use a different exchange's symbol if that data is supported in our system. Confirming one of these options will allow us to proceed with the backtest and align it with the market dynamics observed in the 24-hour period.