The market is looking pretty weak right now, and honestly, I'm not liking the kind of pumps we're seeing in some coins. When the market is struggling and a coin only manages to produce a weak recovery, it can easily become another opportunity for sellers to push the price lower.
Looking at $INIT , the price has now reached an important resistance area after recovering strongly from the $0.12 region. This is where things could get interesting. I'm expecting a possible rejection from this zone, followed by a decent pullback and potentially another major crash towards $0.08 or even lower. The overall direction is looking more bearish to me at the moment.
But I don't want to ignore the other side of the chart either. There is still a bullish possibility here. If $INIT manages to break this resistance with strong volume and holds above it, the whole picture could change. We could see another massive rally, and targets around $1–$1.50 could become interesting in a strong bullish market.
So, don't get too comfortable with either direction. The bearish setup looks more likely right now, but a strong breakout could completely change the game.
Stay prepared. $INIT could surprise everyone in either direction.
Looking at $INIT , the price has now reached an important resistance area after recovering strongly from the $0.12 region. This is where things could get interesting. I'm expecting a possible rejection from this zone, followed by a decent pullback and potentially another major crash towards $0.08 or even lower. The overall direction is looking more bearish to me at the moment.
But I don't want to ignore the other side of the chart either. There is still a bullish possibility here. If $INIT manages to break this resistance with strong volume and holds above it, the whole picture could change. We could see another massive rally, and targets around $1–$1.50 could become interesting in a strong bullish market.
So, don't get too comfortable with either direction. The bearish setup looks more likely right now, but a strong breakout could completely change the game.
Stay prepared. $INIT could surprise everyone in either direction.
