📈 $INIT /USDT – 4H Technical Analysis
Trend Overview: $INIT has experienced significant volatility following its recent listing on Binance. After reaching a high of approximately $0.7371, the price has retraced to around $0.6615, indicating a potential stabilization phase
🔑 Key Levels:
Resistance:
$0.7371 Recent peak and immediate resistanc.
$0.8000 Psychological level and potential target if momentum continue.
Support:
$0.5971 Recent low and key support zone.
$0.5500 Next support level if $0.5971 fail.
📊 Indicators:
Moving Averages (EMA 50 & 200): Due to the recent listing, long-term EMAs are still forming. Short-term price action suggests consolidation between $0.60 and $0.0.
RSI (Relative Strength Index): Currently around 55, indicating neutral momentum with room for movement in either direction.
MACD (Moving Average Convergence Divergence): MACD lines are converging, suggesting potential for a bullish crossover if buying pressure increases.
📉 Chart Pattern:
Bullish Flag Formation: After the initial surge, INIT appears to be forming a bullish flag pattern, characterized by a consolidation phase following a strong upward move. A breakout above $0.7371 could confirm this pattern.
📈 Volume
Trading volume has decreased since the initial listing surge, indicating consolidation. A significant increase in volume would be necessary to support a breakout from the current range.
✅ Conclusion:
Bullish Scenario: A breakout above $0.7371 with increased volume could lead to a move towards $0.8000 and beyond.
Bearish Scenario: Failure to hold above $0.5971 may result in a decline towards the $0.5500 support level.