$INIT is facing heavy SELLING PRESSURE after a sharp rejection from 0.39500... 📉
On the 4H chart, price has dropped to 0.17106, giving back a big part of its recent rally.
Look at this REJECTION... sellers clearly stepped in after the massive spike.
The first important SUPPORT is around 0.16515, the visible 24H LOW. 👀
If this level breaks, selling pressure could increase further.
init is at 0.22523... price is trading well below it, showing weakness.
RSI(6) is at 36.71, getting closer to the oversold zone.
For a bullish recovery, $INIT needs to reclaim 0.22574 and show strength above it.
Now watch 0.16515 closely... a breakdown could extend the decline, while holding this SUPPORT could open the door for a bounce.
Follow for more chart analysis 😎
On the 4H chart, price has dropped to 0.17106, giving back a big part of its recent rally.
Look at this REJECTION... sellers clearly stepped in after the massive spike.
The first important SUPPORT is around 0.16515, the visible 24H LOW. 👀
If this level breaks, selling pressure could increase further.
init is at 0.22523... price is trading well below it, showing weakness.
RSI(6) is at 36.71, getting closer to the oversold zone.
For a bullish recovery, $INIT needs to reclaim 0.22574 and show strength above it.
Now watch 0.16515 closely... a breakdown could extend the decline, while holding this SUPPORT could open the door for a bounce.
Follow for more chart analysis 😎
