INIT/USDT Drops 24.02%—A Buying The Dip Opportunity or Time to Wait Keep an Eye? 📉
INIT/USDT has taken a hit, declining 24.02% over the past 24 hours. 📊 Trading on Binance, the price is now at 0.66449 USDT, with a 24-hour high of 0.8959 and a low of 0.6581. Volume remains decent at 76.46M INIT, showing active trading despite the downturn. Let’s break down the chart and see what’s next! 🔍
The Binance chart shows a sharp decline from 0.8959 to 0.66449, with the price now below the MA(60) at 0.6703, MA(5) at 0.6935, and MA(10) at 0.7086. The candlesticks reveal heavy selling pressure, but the volume spike to 12,152.6 INIT suggests potential capitulation. The price is testing a key support level around 0.6649—could this be a reversal point? 📈
This dip might be a buying opportunity for risk-tolerant traders. Consider entering at 0.66449 if the support holds, targeting 0.6801 for a 2.5% gain. Set a stop-loss at 0.6580 to limit downside risk. However, if the support breaks, wait for a better entry around 0.6500. Crypto is volatile—only invest what you can afford to lose, and diversify to manage risk. Ready to trade? ⚡
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