INIT High-altitude Tightrope Walking! Aftermath of the Surge Concentrated Eruption!
This market is giving people toothaches! INIT surged from 0.20 to 0.94 three days ago, and today it performed a high-altitude plunge, with prices repeatedly rubbing around 0.63, like a roller coaster that has been drained of its strength. The glaring four-hour bearish candlestick on the chart directly pierced through the middle band of the Bollinger Bands at 0.669, while the MACD death cross opened up like a crocodile's mouth that hasn't eaten for three days, and the DIF and DEA, these two difficult brothers, have both dropped below -0.02. The most outrageous thing was that the needle at dawn poked down to 0.63 and then bounced back; the tactics of the dog fund are more skilled than a scumbag—first giving you hope and then making you despair.
1. Three Major Technical Alarms
1. The three bands of the Bollinger Bands are all bowing down, and the lower band support at 0.634 is as thin as a layer of window paper.
2. The four-hour trading volume has shrunk by 78% from its peak, and no one is taking over this round of correction.
3. The overall contract long-short ratio on the entire network has soared to 3.7:1, a definite posture for the explosive long army.
2. On-chain Data Holds Secrets
Don’t be fooled by the lackluster price; the on-chain activity is very lively. The top ten holding addresses secretly transferred 47 million coins to exchanges this week, worth over 30 million dollars at the current price, clearly indicating that these whales are playing a “great escape.” The project team remains calm, with the official Twitter still promoting their innovative mechanism of “earning transaction fees while staking,” but the countdown for unlocking 120 million worth of INIT tokens in their wallets is only 23 days left, which is scarier than the Sword of Damocles.
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