🔥 $INIT surges 24% against the trend: watching for volatility squeeze
$INIT leads Binance Spot today, currently at $0.1224 (+24%), with an intraday range of $0.0941–$0.1477 and trading volume of $17.41 million.
🔍 Reason for the unusual move: Following the network suspension on November 10, crowded short positions and negative funding rates, combined with thin liquidity, triggered a short squeeze. The move was driven by derivatives sentiment.
📌 Levels to watch: Support at $0.094–$0.105; resistance at $0.148–$0.165. The underlying chain is still recovering, so beware of sharp wicks in either direction.
#INIT #Binance Square
For market observation only; this is not investment advice
$INIT leads Binance Spot today, currently at $0.1224 (+24%), with an intraday range of $0.0941–$0.1477 and trading volume of $17.41 million.
🔍 Reason for the unusual move: Following the network suspension on November 10, crowded short positions and negative funding rates, combined with thin liquidity, triggered a short squeeze. The move was driven by derivatives sentiment.
📌 Levels to watch: Support at $0.094–$0.105; resistance at $0.148–$0.165. The underlying chain is still recovering, so beware of sharp wicks in either direction.
#INIT #Binance Square
For market observation only; this is not investment advice