Candles and Overall Trend: The charts for the $INIT token show a clear and continuous downtrend since its initial listing. The price is steadily declining, and red candles dominate the charts. This indicates that selling pressure (sellers) is significantly stronger than buying pressure (buyers)
Current Rebound: The recent green candle might be just a short term bounce after a sharp decline. In such cases, the rise might continue for an hour or a few hours before the downtrend reasserts control.
Hourly/Daily Forecast: Based on the overall trend, it is likely that the downtrend will continue. The current rise may be an opportunity for traders to take profits before the price falls again. There is no strong evidence of a full trend reversal yet.
This analysis is merely a reading of the current situation based on the data available from the charts. The cryptocurrency market cannot be predicted with precision, and every move may be followed by a completely opposite one. You can trade based on my article, but always remember to only invest an amount you are prepared to lose.