INIT – Downtrend dominates, selling resistance & technical bottom fishing
#INIT #AltcoinTrading #CryptoFutures
Current price: ~$0.536
INIT continues its prolonged downtrend, currently trading around a weak accumulation zone. Selling pressure remains, with no clear signs of recovery. Volume is depleted, easily swaying sharply with BTC.
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🔹 Spot Strategy:
⛔ Not suitable for Spot at this time. INIT is in a clear downtrend, and a bottom has not been established. Entering a Spot position now may fall into a deep drop trap.
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🔸 Future Strategy:
1. Short (preferred if it retraces to the right resistance):
• Entry: 0.578
• SL: 0.585
• TP: 0.523
🟠 Probability: 65%
📌 Aligns with the overall trend. Should enter if there is a clear rejection candle at the $0.578 area.
2. Long (only waiting for a strong reaction at solid support):
• Entry: 0.518
• SL: 0.507
• TP: 0.556
🟢 Probability: 35%
📌 High risk because there are no signs of a bottom being formed. Need to wait for a strong reversal candle confirmation before entering.
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⚠️ Warning: INIT is volatile and moves quickly and strongly with speculative capital. If BTC drops below $104,000, INIT may pierce the $0.507 area. Must adhere to tight SL, avoid holding positions too long.
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⏱ Update: 15/6/2025 – 06:50 GMT+7