Is it time to pounce? The INIT coin is at a crossroads!
The INIT coin is experiencing interesting movements today, currently trading at 1.1086 USDT after recording a daily drop of -3.79%. While this drop may seem concerning to some, the technical reading gives distinctive signals that may interest anyone considering smart investment.
Technical analysis at a glance:
The overall short-term trend is still bearish, noted by the failure of the price to break through the resistance level of 1.12–1.13, and its stay below the 99-day moving average (MA99) which is at 1.1290.
However, the 7-day moving average (MA7) is very close to the current price at 1.1056, which may support an upward rebound attempt if momentum improves.
The famous MACD indicator has started to give an initial upward signal, as the blue line has crossed above the red line, but we still need stronger confirmation through breaking key resistances.
Trading volume is currently weak, indicating hesitation in the market, but at the same time means that any sudden entry from major buyers could push the price significantly.
What to watch for?
There is a very strong support area between 1.07 and 1.10, and the price has recently bounced off it.
Staying above 1.10 with an attempt to break through 1.12 may ignite a gradual rise.
But beware! Breaking the level of 1.07 could open the door for a drop towards 1.04 or even 1.00.
Recommendation based on technical analysis:
For long-term investors: the current price is considered a good opportunity for gradual buying within a flexible investment strategy.
For day traders: it is better to wait for a clear break above the level of 1.1150, or a clear drop below 1.07 to determine the direction clearly.
In conclusion, INIT seems to be in a quiet accumulation phase before a potential breakout. Will you be one of the first to seize the opportunity?
