$INIT /USDT STRUGGLES TO HOLD SUPPORT AMID BEARISH PRESSURE – FURTHER DOWNSIDE POSSIBLE
$INIT /USDT pair has seen intense selling pressure over the last 24 hours, plunging 21.73% to trade at $0.5661. This marks a steep 55.44% decline over the past 30 days, clearly indicating a strong downtrend.
Key Technical Points:
Support Zone: Immediate support lies near $0.5500, which aligns with today’s low of $0.5516. A breakdown below this zone could push INIT toward $0.5000 psychological level.
Resistance Levels: On the upside, the nearest resistance is around $0.6000, followed by $0.6500. The daily high at $0.7320 will act as a major hurdle if any recovery starts.
Volume Analysis: High trading volume (26.70M INIT) indicates strong activity, likely driven by panic selling or large-scale distribution. USDT volume stands at $17.09M, supporting this view.
Short-Term Trend: The 1H and 4H candles show lower highs and lower lows, reinforcing bearish momentum. No strong reversal patterns are evident yet.
Price Action Outlook: If bulls fail to defend the $0.5500 support, the pair could see further declines. However, a bounce from this zone could lead to a short-lived relief rally toward $0.6000-$0.6500.
Conclusion:
$INIT/USDT is currently in a clear bearish trend, with potential to slide further if key support levels break. Caution is advised for long positions unless a confirmed reversal or bullish structure emerges.
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