Technical Analysis of INIT/USDT – Are We Facing a New Uptrend?
Current Price: 1.1093 USDT
24-Hour Increase Percentage: +34.69%
Highest Price of the Day: 1.2422
Lowest Price: 0.8127
Notable Technical Points:
Strong Break of the Upper Bollinger Band (BOLL):
The price has strongly breached the upper limit of the Bollinger Band, indicating a high influx of liquidity and potential upward momentum.
The Bollinger indicator was previously in a squeeze, indicating a consolidation period before the current price explosion.
Relative Strength Index (RSI):
Reached 87.96, indicating an overbought condition, but under the strong momentum, the rise may continue for a short period before any correction.
Moving Averages MA(5) and MA(10):
There is a golden cross in the short term, confirming the start of a new uptrend.
MACD Indicator:
There is a positive crossover between the MACD line and the signal line, supporting the continuation of positive momentum in the short term.
Trading Volume:
Increased significantly, indicating the entry of new investors and strongly supporting price movement.
Are We Seeing a Coming Rise?
From a technical perspective, the upward momentum is still ongoing, but due to the RSI being overbought, we might see a slight correction before continuing upward.
It is likely that we will see a retest of the area 0.95~1.00 before a new surge towards 1.40–1.60 USDT.
Will INIT continue its rise towards 1.5?