Market Overview for Injective/Tether (INJUSDT): Volatility and Breakouts Dominate 24-Hour Session

• Price action surged from $13.65 to $14.53, driven by strong volume clusters between 19:30–20:45 ET.
• RSI spiked into overbought territory, while MACD showed bullish divergence, suggesting momentum persistence.
• Volatility expanded sharply as Bollinger Bands widened, with price spending most of the day in the upper band.
• Volume increased 10x during key breakouts, particularly at $14.50–$14.55, confirming strength in higher highs.
• A bullish engulfing pattern formed near $14.30–$14.42, with price closing above critical 15-minute resistance levels.

Injective/Tether (INJUSDT) opened at $13.67 on 2025-09-17 12:00 ET and closed at $14.42 24 hours later, reaching a high of $14.60 and a low of $13.56. Total trading volume reached ~446,061 INJ, with notional turnover amounting to ~$6,407,000. The pair displayed heightened volatility and momentum, particularly in the late evening and overnight hours.

Structure & Formations

The 15-minute chart displayed a strong bullish bias, with key support levels identified at $14.30–$14.35 and a critical resistance zone at $14.50–$14.55. A significant bullish engulfing pattern emerged around $14.30–$14.42, signaling a short-term reversal from bearish to bullish. A doji formed near $14.15 during the overnight session, suggesting indecision. The price then consolidated within a $14.40–$14.55 range, showing strong buyer presence.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were closely aligned and trending upward throughout the session, indicating bullish momentum. The 50-period MA crossed above the 100-period MA, confirming a medium-term bullish setup. Daily moving averages (50/200) also showed a positive tilt, with price above both, reinforcing the bullish bias.

MACD & RSI

The MACD showed a strong positive divergence, particularly between 19:30–20:45 ET, with price and momentum moving in tandem. The RSI hit overbought levels (above 70) on several occasions, most notably at the peak of $14.60, but failed to trigger a bearish reversal, suggesting sustained buying pressure. A mild bearish divergence emerged near $14.42 but was quickly invalidated by a follow-through rally.

Bollinger Bands

Bollinger Bands expanded significantly during the late evening hours, reaching a width of ~0.30, indicating heightened volatility. Price spent most of the session in the upper band, especially between $14.40–$14.55, suggesting buyers were in control. A brief retest of the lower band at $14.30 saw quick rejection, reinforcing the bullish narrative.

Volume & Turnover

Volume spiked multiple times during the breakout phase, especially between 19:30–20:45 ET, where the $14.50–$14.55 level saw heavy accumulation. Notional turnover increased sharply during these intervals, with the highest volume occurring at the $14.51–$14.55 level. Price and turnover aligned closely during the upward trend, validating the strength of the move.

Fibonacci Retracements

Applying Fibonacci levels to the $13.56–$14.60 swing, key retracement levels at $14.48 (61.8%) and $14.39 (78.6%) were clearly tested. Price briefly retested $14.48 but rebounded quickly, showing buyers were active at these levels. The $14.39 level provided strong support before the final push toward $14.50. These levels may offer short-term support/resistance in the coming 24 hours.

Backtest Hypothesis

The observed bullish engulfing pattern and MACD divergence suggest a potential entry point for a long trade around $14.30–$14.35, with a target near $14.55 and a stop-loss below $14.15. This hypothesis could be backtested using a strategy that triggers long entries during engulfing patterns with positive MACD divergence and high volume confirmation. A trailing stop-loss could be applied after reaching the initial target, aiming to capture further upside from sustained momentum and bullish divergence. The pattern’s frequency and success rate across multiple timeframes would determine its robustness.