$INIT It surged to a price of around $0.9 post-listing, is there a possibility of a correction?🤔
$INIT quickly shot up to a price of around $0.9 just a few hours after listing on Binance, recording a spike of +350.30% from the daily low price of $0.2000. With trading volume already touching 441 million INIT and 301 million USDT, this clearly makes the INIT coin one of the Top Gainers today.
From the structure of the last 4-hour candles, buyer momentum is truly dominant. Almost all post-listing candles have large bodies with little to no lower wicks, indicating strong FOMO and aggressive buying with little retracement.
However, it is important to note:
- This is a price discovery phase that is still very volatile, so do not be misled by the initial extreme spike.
- No reliable technical indicators have emerged yet (RSI, MACD, KDJ, etc. are not available due to limited data), so all trading decisions are purely based on price structure, market psychology, and order flow.
Anyway, here I include my Outlook ➡️ $INIT version:
- Short-term potential: It can still continue to rise as long as it does not break $0.78–$0.80 (the new demand area formed after a small pullback)
- The next psychological resistance is around $1.000 as a round number, and it has the potential to trigger profit-taking actions.
Disclaimer: Not Financial Advice & Not Promotion
