The INIT/USDT daily chart shows a compelling bullish divergence setup that could signal a potential reversal from the current downtrend.
Bullish Divergence Pattern:
Price has made lower lows while RSI shows higher lows
This divergence often precedes trend reversals
Price is currently testing the descending trendline support
Technical Setup:
Current price around $0.41 near key support level
RSI approaching oversold territory but showing resilience
The projected path (red arrow) suggests a potential move toward the resistance zones
Price Targets:
First resistance: $0.70-0.75 zone (pink box)
Second resistance: $1.12-1.21 zone (upper pink box)
Risk Considerations:
A break below current support could invalidate the divergence
Volume confirmation needed for sustainable reversal
Crypto markets remain volatile with external factors affecting sentiment
Bullish Divergence Pattern:
Price has made lower lows while RSI shows higher lows
This divergence often precedes trend reversals
Price is currently testing the descending trendline support
Technical Setup:
Current price around $0.41 near key support level
RSI approaching oversold territory but showing resilience
The projected path (red arrow) suggests a potential move toward the resistance zones
Price Targets:
First resistance: $0.70-0.75 zone (pink box)
Second resistance: $1.12-1.21 zone (upper pink box)
Risk Considerations:
A break below current support could invalidate the divergence
Volume confirmation needed for sustainable reversal
Crypto markets remain volatile with external factors affecting sentiment
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Find top crypto tokens with sector indices, AI-powered sentiment analysis & news summaries.
tokenradar.ai/tv
tokenradar.ai/tv
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.