#earningsseason 🚨 MAGMA AND INIT: BREAKOUT CHANCE OR TRAP FOR BUYERS WHO COME LATE?
Two altcoins are getting attention. Their situations have very different dangers. 👀
🔥 MAGMA has gone up close to the $0.50 level with trading volume going up a lot in the 24 hours. Recent information shows MAGMA trading near $0.47 to $0.53 with futures activity making up most of the volume. That can cause a rise but also make it more likely that traders get liquidated if the movement changes direction.
📈 INIT is trading around $0.12 to $0.13 trying to come from recent low points. The important test in the term is if it can stay above $0.12 and move past $0.13 with more buying pressure, from spot traders.
My opinion: Look at spot volume futures open interest, funding rates and if the price stays at levels. A breakout needs proof; otherwise a quick drop could happen.
💬 Which one looks better now MAGMA or INIT?
#crypto #altcoins #INIT #cryptotrading
$MAGMA · $INIT $BMT
Two altcoins are getting attention. Their situations have very different dangers. 👀
🔥 MAGMA has gone up close to the $0.50 level with trading volume going up a lot in the 24 hours. Recent information shows MAGMA trading near $0.47 to $0.53 with futures activity making up most of the volume. That can cause a rise but also make it more likely that traders get liquidated if the movement changes direction.
📈 INIT is trading around $0.12 to $0.13 trying to come from recent low points. The important test in the term is if it can stay above $0.12 and move past $0.13 with more buying pressure, from spot traders.
My opinion: Look at spot volume futures open interest, funding rates and if the price stays at levels. A breakout needs proof; otherwise a quick drop could happen.
💬 Which one looks better now MAGMA or INIT?
#crypto #altcoins #INIT #cryptotrading
$MAGMA · $INIT $BMT