$INIT at a Critical Reversal Zone – Breakout or Bull Trap?
$INIT is trading at $0.7493, making a fresh attempt to reclaim momentum after a sharp sell-off. With price pressing into minor resistance and volume picking up, traders should stay alert for the next decisive move.
Key Levels to Watch:
Resistance Zones:
• $0.7507 – Immediate resistance (local high)
• $0.7600 – Next breakout level
Support Zones:
• $0.7392 – Local support
• $0.7280 – Deeper pullback level
• $0.7130 – 24H low and critical defense
Trade Setup – Position Accordingly:
Bullish Entry:
A breakout above $0.7507 may trigger bullish continuation. Targets could be:
• TP1: $0.7600
• TP2: $0.7880
Bearish Entry:
If price gets rejected and breaks below $0.7392, expect a pullback toward:
• TP1: $0.7280
• TP2: $0.7130
Stop-Loss:
Set tight stops just below $0.7392 (for longs) or above $0.7510 (for shorts) to manage risk efficiently.