#ETHBreaks3700 The technical analysis of INIT against USDT on the 15-minute chart shows a strong upward wave forming from the 0.4554 level, breaking successive resistance levels to a peak of 0.5208, before a sharp correction. The bullish impulse candles were accompanied by high trading volume, supporting the credibility of the movement. Long bearish candles then appeared, indicating profit-taking or strong selling.
The price is currently trading in a consolidation range between 0.4800 and 0.5000, with minor support forming at 0.4809. Continued consolidation above this level enhances the possibility of a retest of the 0.5097 resistance level, followed by 0.5208. The short-term moving average (MA(5)) is above the MA(10), supporting the upward momentum.
However, the volume indicator shows a decline in buying momentum, indicating that buyers need a strong entry to break the next resistance level. If the pair breaks below 0.4800, we may see a decline towards 0.4665 as potential support. The short-term trend is cautiously upward with strong resistance nearby.
