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If I don't have any characters with the same number of stars or fewer than my opponent's character, can I still reveal Lose the Initiative to stop their character from untapping?
Yes. Obviously, you won't untap any of your characters, but the original effect of your opponent untapping their character will be replaced with nothing happening.
Source: Wave 5 FAQ
If a combiner combined and untapped. Would Lose the Initiative cancel the untap combiner effect?
A team of characters combining isn't actually untapping; the resulting Combiner character is entering the battlefield untapped (like all characters which enter the battlefield after the start of the game, unless another card or ability says otherwise).
Source: Rules Roundup 2020-06-10
42🂠 25★ in deck and 10🂠 13★ in sideboard
Added by Silverghst22
Modified on Dec 14, '20
23 action cards
19 regular action cards
4 secret action cards
19 upgrade cards
10 weapon cards
5 armor cards
4 utility cards

35 icons on 32 cards (76%)

6 icons on 6 cards (14%)

3 icons on 3 cards (7%)

10 icons on 10 cards (24%)

14 icons on 14 cards (33%)

0 icons on 0 cards (0%)
Deck Traits: None
85🂠 5★ in deck and 0🂠 0★ in sideboard
Added by [Name Not Given]
Modified on Nov 29, '20
None
None
43 action cards
32 regular action cards
11 secret action cards
42 upgrade cards
7 weapon cards
11 armor cards
24 utility cards

21 icons on 18 cards (21%)

9 icons on 8 cards (9%)

15 icons on 15 cards (18%)

17 icons on 17 cards (20%)

52 icons on 37 cards (44%)

10 icons on 10 cards (12%)