$INIT just gave back the whole extension in two hours. $0.395 to $0.233 — a 41% round trip while the chain is still halted.
This morning the extension was back: 04:00 UTC closed $0.34196 above the $0.33193 ceiling, the biggest INIT bar of the day. Then the 05:00 hour tagged $0.395 and closed $0.28908 on 13.4M INIT — the day's heaviest bar. The 06:00 hour finished it: closed $0.24844 on 11.4M, the second straight close below $0.29114, under the $0.26794 low, wicked to $0.233.
The extension lasted one candle.
The floor now is $0.2478, and it held by $0.00064 — a hairline. One more closed hour below it and the extension is unwritten, back to the $0.23434 low from last night. The other side of that same coin: the floor survived a wick to $0.233, and buyers stepped in twice at $0.23434 this morning.
The risk core hasn't changed: the chain is still halted. Initia stopped it Nov 10 at 06:18 UTC after unauthorized transfers moved about $605k of USDC out (The Defiant, crypto.news). No restart date, no restart news. This whole surge is trading a coin whose chain doesn't move.
Tape: live ~$0.26, still +13.6% on the day because the spike was that big. 7d +87.7%, 30d +108% (CoinGecko, rank #389, $57.3M mcap). Chart: RSI 49, under EMA20 $0.266, above EMA50 $0.225. BTC $73,485, -1.6% — the board is soft, INIT's leg is its own.
Not a call, either way.
08:00 UTC close, 13:30 IST: does $0.2478 hold a second test, or does the extension get unwritten?
This morning the extension was back: 04:00 UTC closed $0.34196 above the $0.33193 ceiling, the biggest INIT bar of the day. Then the 05:00 hour tagged $0.395 and closed $0.28908 on 13.4M INIT — the day's heaviest bar. The 06:00 hour finished it: closed $0.24844 on 11.4M, the second straight close below $0.29114, under the $0.26794 low, wicked to $0.233.
The extension lasted one candle.
The floor now is $0.2478, and it held by $0.00064 — a hairline. One more closed hour below it and the extension is unwritten, back to the $0.23434 low from last night. The other side of that same coin: the floor survived a wick to $0.233, and buyers stepped in twice at $0.23434 this morning.
The risk core hasn't changed: the chain is still halted. Initia stopped it Nov 10 at 06:18 UTC after unauthorized transfers moved about $605k of USDC out (The Defiant, crypto.news). No restart date, no restart news. This whole surge is trading a coin whose chain doesn't move.
Tape: live ~$0.26, still +13.6% on the day because the spike was that big. 7d +87.7%, 30d +108% (CoinGecko, rank #389, $57.3M mcap). Chart: RSI 49, under EMA20 $0.266, above EMA50 $0.225. BTC $73,485, -1.6% — the board is soft, INIT's leg is its own.
Not a call, either way.
08:00 UTC close, 13:30 IST: does $0.2478 hold a second test, or does the extension get unwritten?