A potential bounce could happen near support (around 0.4721)
The chart for INIT/USDT on the 4-hour timeframe clearly shows a bearish trend. Here are the key points:
š Bearish Indicators:
Strong Downtrend:
The price dropped from a high of 0.7961 to a low of 0.4721, with the current price at 0.4818.
That's a ~40% drop, indicating significant selling pressure.
Moving Averages:
The short-term moving averages (MA(7), MA(25)) are sloping downward.
The current price is well below all major MAs, including MA(99), which confirms strong downward momentum.
Volume Analysis:
Volume peaked during the initial drop and remains relatively high, showing that sellers are still active.
Candlestick Pattern:
A series of red candles with lower highs and lower lows reinforces the bearish momentum.
Summary:
The market is currently in a bearish phase with no confirmed signs of reversal yet. A potential bounce could happen near support (around 0.4721), but overall sentiment is negative unless the price reclaims key resistance levels or moving averages.
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