【INIT 1H】The chain is still down, but the token is already up 18%
The mainnet for $INIT still hasn’t restarted, but the token price rose 18% in a day (Binance Spot, 16:25). My take: the market is pricing in the “compensation commitment,” not a “chain recovery” yet.
The reason is verifiable: On October 23, Initia was exploited through a MoveVM vulnerability, allowing uncollateralized assets to be minted out of thin air. About $2.7 million was transferred out, and L1 and Rollups were subsequently paused. On October 28, the foundation approved funding to cover the iUSD collateral shortfall, but no restart date has been announced yet.
Current situation: After surging to 0.2579 last night, the price pulled back. It’s now at 0.2081, moving back and forth between 0.19 and 0.23.
① Structure: 1h range-bound movement; the current price has just moved above the downtrend line (around 0.203).
② Volume and price: Trading volume over the past 10 1h candles is only 0.89 times the average of the previous 30, suggesting fewer people are chasing the rally.
③ Confluence: The 0.1877–0.2015 support zone coincides with Fib 0.5 (0.1975) and the trendline.
Plan 1 (primary): Consider placing a small long order near 0.195 on a pullback, with a stop loss at 0.182, first target at 0.226, and second target at 0.255.
Plan 2 (backup): If the price rebounds to 0.229 on declining volume, consider placing a small short order, with a stop loss at 0.240 and a target of 0.200.
Invalidation: If the 1h candle closes below 0.1832, the range has broken down; exit the long and admit the trade was wrong. If the restart is delayed again, this view also needs to be reassessed.
Would you touch it before the compensation is delivered?
Sources: TechFlow, ChainCatcher
#Initia #TechnicalAnalysis
📈 Top three contract gainers (16:25): $IDOL +63.19%｜$ON +19.84%｜$INIT +18.11%
#BinanceSquare
⚠️ The above is a compilation of information and personal opinions, and does not constitute investment advice. DYOR.
The mainnet for $INIT still hasn’t restarted, but the token price rose 18% in a day (Binance Spot, 16:25). My take: the market is pricing in the “compensation commitment,” not a “chain recovery” yet.
The reason is verifiable: On October 23, Initia was exploited through a MoveVM vulnerability, allowing uncollateralized assets to be minted out of thin air. About $2.7 million was transferred out, and L1 and Rollups were subsequently paused. On October 28, the foundation approved funding to cover the iUSD collateral shortfall, but no restart date has been announced yet.
Current situation: After surging to 0.2579 last night, the price pulled back. It’s now at 0.2081, moving back and forth between 0.19 and 0.23.
① Structure: 1h range-bound movement; the current price has just moved above the downtrend line (around 0.203).
② Volume and price: Trading volume over the past 10 1h candles is only 0.89 times the average of the previous 30, suggesting fewer people are chasing the rally.
③ Confluence: The 0.1877–0.2015 support zone coincides with Fib 0.5 (0.1975) and the trendline.
Plan 1 (primary): Consider placing a small long order near 0.195 on a pullback, with a stop loss at 0.182, first target at 0.226, and second target at 0.255.
Plan 2 (backup): If the price rebounds to 0.229 on declining volume, consider placing a small short order, with a stop loss at 0.240 and a target of 0.200.
Invalidation: If the 1h candle closes below 0.1832, the range has broken down; exit the long and admit the trade was wrong. If the restart is delayed again, this view also needs to be reassessed.
Would you touch it before the compensation is delivered?
Sources: TechFlow, ChainCatcher
#Initia #TechnicalAnalysis
📈 Top three contract gainers (16:25): $IDOL +63.19%｜$ON +19.84%｜$INIT +18.11%
#BinanceSquare
⚠️ The above is a compilation of information and personal opinions, and does not constitute investment advice. DYOR.
