$INIT IN FREEFALL – DEAD CAT BOUNCE OR REAL REVERSAL AHEAD?
$INIT is currently trading at $0.8246, down a brutal -14.73% on the day. Price action shows an aggressive selloff from the $1.05 level, and it’s now pressing against a critical support area. The setup is ripe for a breakout or further bloodbath—watch closely.
Key Levels to Watch:
• Resistance Zone: $0.8500 – $0.8850
A move above this cluster could trigger a short-term recovery push.
• Support Zone: $0.8210 – $0.8250
If this base breaks, selling could accelerate further into new lows.
Trade Setup – Get Ready for High Volatility:
Bullish Scenario (Relief Rally):
If price reclaims $0.8500 with strong volume, targets include:
• TP1: $0.8850
• TP2: $0.9200
Bearish Scenario (Further Collapse):
Breaking below $0.8210 could expose $INIT to another leg down:
• TP1: $0.7900
• TP2: $0.7600
Stop-Loss Strategy:
• Long Setup: SL below $0.8210
• Short Setup: SL above $0.8850
358.42K INIT traded—significant activity, but driven by heavy selling.