$INIT got exploited on Oct 23. Four days later it's up 36% on the week. Here's what happened 🧨
The exploit:
• Oct 23: an attacker minted about 2M unbacked stablecoins on Initia
• Roughly 2.6M to 2.7M dollars was bridged out to Ethereum
• Initia paused its L1 and rollups while it worked with validators, researchers and exchanges
The price:
• Dumped to 0.113 on the news
• Recovered with higher lows every day since
• Spiked to 0.1987 today, now 0.174 (+10.8% today)
• Above EMA 20 (0.157) and EMA 50 (0.146), RSI 61
The market treated a contained, mid-size exploit as a buy-the-dip. But that big wick at 0.199 shows sellers waiting above.
Levels for $INIT :
🟢 Hold 0.167 → another test of 0.199
🔴 Lose 0.167 → back to the EMA 20 near 0.157
⚠️ Check the team's latest updates on network status before trading. Exploit stories can still have follow-up headlines.
Would you buy $INIT after a hack? 👇
NFA
#Initia #CryptoNews #TechnicalAnalysis
No Binance account yet? Get 20% of your trading fees back 👉 Sign up on Binance
The exploit:
• Oct 23: an attacker minted about 2M unbacked stablecoins on Initia
• Roughly 2.6M to 2.7M dollars was bridged out to Ethereum
• Initia paused its L1 and rollups while it worked with validators, researchers and exchanges
The price:
• Dumped to 0.113 on the news
• Recovered with higher lows every day since
• Spiked to 0.1987 today, now 0.174 (+10.8% today)
• Above EMA 20 (0.157) and EMA 50 (0.146), RSI 61
The market treated a contained, mid-size exploit as a buy-the-dip. But that big wick at 0.199 shows sellers waiting above.
Levels for $INIT :
🟢 Hold 0.167 → another test of 0.199
🔴 Lose 0.167 → back to the EMA 20 near 0.157
⚠️ Check the team's latest updates on network status before trading. Exploit stories can still have follow-up headlines.
Would you buy $INIT after a hack? 👇
NFA
#Initia #CryptoNews #TechnicalAnalysis
No Binance account yet? Get 20% of your trading fees back 👉 Sign up on Binance
