$INIT is one of the strangest charts I've seen this week.
Initia halted its L1 on Nov 10 after attackers used compromised rollup keys to move around 615K out of bridge escrow. You'd expect the token to bleed on that. Instead it ran from about 0.12 to 0.33 on Binance in roughly a day, with shorts getting squeezed along the way.
Then today's 11:00 WIB candle happened. One 4H bar wicked all the way up to 0.395 and then down to 0.188 before closing near 0.22. Both sides got wiped in a few hours.
What the 4H chart shows now:
Price is sitting around 0.217, back below where most of yesterday's buying happened.
MA20 is near 0.183 and MA50 near 0.152, both still pointing up, so the short term trend hasn't broken yet.
0.188 is the first real floor, it's the low of that crazy wick. Below that, the 0.12 base is where this whole move started.
Overhead, 0.30 to 0.33 is the zone that capped price twice before the spike, and 0.395 is just a wick for now.
RSI 14 cooled from around 80 to 55. Volume over the last day is roughly four to five times what INIT was doing in early November.
Scenarios:
If 0.188 holds and price can get back above 0.25, another try at the 0.30 area is possible, but with leverage this heavy it can get messy fast.
If 0.188 gives way, the MA20 and then the 0.15 area are the next places buyers would need to show up.
Also keep the network status in mind. Any update from the team on the halt can move this harder than any line on the chart.
Not financial advice, DYOR.
Would you touch a coin pumping on a hack, or is this pure casino?
#INIT #Initia #Altcoins #CryptoAnalysis
Initia halted its L1 on Nov 10 after attackers used compromised rollup keys to move around 615K out of bridge escrow. You'd expect the token to bleed on that. Instead it ran from about 0.12 to 0.33 on Binance in roughly a day, with shorts getting squeezed along the way.
Then today's 11:00 WIB candle happened. One 4H bar wicked all the way up to 0.395 and then down to 0.188 before closing near 0.22. Both sides got wiped in a few hours.
What the 4H chart shows now:
Price is sitting around 0.217, back below where most of yesterday's buying happened.
MA20 is near 0.183 and MA50 near 0.152, both still pointing up, so the short term trend hasn't broken yet.
0.188 is the first real floor, it's the low of that crazy wick. Below that, the 0.12 base is where this whole move started.
Overhead, 0.30 to 0.33 is the zone that capped price twice before the spike, and 0.395 is just a wick for now.
RSI 14 cooled from around 80 to 55. Volume over the last day is roughly four to five times what INIT was doing in early November.
Scenarios:
If 0.188 holds and price can get back above 0.25, another try at the 0.30 area is possible, but with leverage this heavy it can get messy fast.
If 0.188 gives way, the MA20 and then the 0.15 area are the next places buyers would need to show up.
Also keep the network status in mind. Any update from the team on the halt can move this harder than any line on the chart.
Not financial advice, DYOR.
Would you touch a coin pumping on a hack, or is this pure casino?
#INIT #Initia #Altcoins #CryptoAnalysis
