$INIT /USDT TECHNICAL ANALYSIS: BEARS TAKE CONTROL AS PRICE DROPS TO KEY SUPPORT ZONE
$INIT /USDT pair is trading at $0.6472, down -11.06% in the past 24 hours, signaling intensified bearish momentum. With a 7-day decline of -7.93% and a massive 49.08% drop over 90 days, INIT is struggling to maintain upward structure.
๐ Key Market Stats:
24H High: $0.7425
24H Low: $0.6466
Volume: 30.97M INIT (~$21.92M USDT) โ indicates strong sell-off activity.
๐ Technical View (1H Chart):
Immediate Resistance: $0.6800 โ $0.7000
Crucial Support: $0.6400 โ if broken, it could trigger a drop toward $0.6000
Trend: Clear bearish channel with consistent rejection from lower highs.
๐ฎ Outlook:
Bearish Scenario: A breakdown below $0.6400 may lead to panic selling toward $0.60 - $0.58.
Bullish Reversal: Bulls must reclaim and hold above $0.7000 to invalidate current downtrend and target $0.74+ again.
โ Summary:
INIT remains under pressure, nearing critical support. Market participants should watch for confirmation of support holding or a potential breakdown before making directional decisions.