INITUSDT Breaks Out After Sharp Bounce From 0.0691 Support

Summary
• Price formed a bullish reversal pattern near 0.0691 after testing prior support.
• Volatility expanded during late ET hours, with volume spiking near 0.0706.
• RSI signaled oversold conditions near 0.0686, suggesting potential for a rebound.
• Bollinger Bands showed a contraction before a sharp price break above the upper band.
• Turnover diverged from price during the early morning, hinting at possible indecision.

Initia/Tether (INITUSDT) opened at 0.0693 on 2026-02-06 12:00 ET, reached a high of 0.0720, and a low of 0.0679, closing at 0.0682 on 2026-02-07 12:00 ET. Total volume amounted to 6,678,689.7 with a notional turnover of $453,488.07 over 24 hours.

Structure & Formations

Price tested a key support level near 0.0691, where a bullish reversal pattern formed, suggesting short-term buying interest. A sharp rebound from 0.0679 to 0.0706 highlighted a strong reaction to support. The 0.0713 high appears to now act as a potential overhead resistance area for near-term buyers.

Moving Averages

On the 5-minute chart, price remained above the 20-period and 50-period SMAs, indicating a constructive short-term bias. Daily moving averages show a more neutral stance with the 50-period SMA at 0.0694, which could become a key reference point.

MACD & RSI

MACD showed a positive divergence as price declined toward 0.0679, hinting at potential bullish momentum. RSI dipped into oversold territory near 0.0686, suggesting a possible bounce. However, RSI remains in mid-range territory, indicating a balanced momentum profile.

Bollinger Bands

A sharp contraction in Bollinger Band width was observed around 01:00–02:00 ET, followed by a breakout above the upper band. Price has since remained elevated, suggesting a period of increasing volatility and potential continuation of upward movement.

Volume & Turnover

Volume spiked during the 17:45–18:00 ET and 03:00–03:45 ET timeframes, with the largest single candle contributing 644k volume and $64.4k turnover. Turnover diverged from price during the early morning hours, indicating possible indecision among traders.

Fibonacci Retracements

A key 50% retracement level at 0.0695 has been tested multiple times, with price rebounding off it during the early morning. The 61.8% retracement at 0.0707 marks a potential area of near-term resistance if the current bullish momentum continues.

The price appears to be consolidating above key support, with increasing volume and momentum indicators suggesting a possible continuation of the upward move. However, a close below 0.0691 could re-establish bearish sentiment and trigger a retest of the 0.0685–0.0686 level. Investors should watch for confirmation above 0.0707 as a potential sign of stronger bullish momentum in the next 24 hours.