I’m looking at $INIT struggling below the MA60 at 0.17066, with the recent price action making lower swings and repeatedly failing to stay above the moving average. The latest move has dropped back to 0.16943, so sellers still have the short-term edge.
For me, the key area is 0.16965–0.17066. If price bounces into that zone and gets rejected again, I’d be more interested in a short. The visible downside levels are 0.16827 and the 24h low at 0.16515. I wouldn’t chase a sharp drop; I’d rather see a weak retest first.
📍 Entry: 0.16965–0.17066 on rejection
🎯 TP1: 0.16827
🎯 TP2: 0.16515
🛑 Invalidation: 0.17102
If price reclaims 0.17102, I’d step away from this setup because that would weaken the current bearish structure and put price back above the nearby resistance area.
For now, I’m watching for a failed recovery into the MA60. If sellers defend that zone, the downside levels remain the cleaner part of the chart.
For me, the key area is 0.16965–0.17066. If price bounces into that zone and gets rejected again, I’d be more interested in a short. The visible downside levels are 0.16827 and the 24h low at 0.16515. I wouldn’t chase a sharp drop; I’d rather see a weak retest first.
📍 Entry: 0.16965–0.17066 on rejection
🎯 TP1: 0.16827
🎯 TP2: 0.16515
🛑 Invalidation: 0.17102
If price reclaims 0.17102, I’d step away from this setup because that would weaken the current bearish structure and put price back above the nearby resistance area.
For now, I’m watching for a failed recovery into the MA60. If sellers defend that zone, the downside levels remain the cleaner part of the chart.