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As choppy as the 1INCH/USD market seems to be, prices in this market have moved by more than 5% today. Yet the market seems highly unstable, and traders need to take extreme caution. Let’s take a closer look at price developments in this market.
1INCH Analysis Data:
1INCH Value Now: $0.490
1inch Market Cap: $480 million
1INCH Moving Supply: 834 million
1inch Total Supply: 1.5 billion
1INCH CoinMarketCap Ranking: #87
Major Price Levels:
Top: $0.490, $0.500, and $0.550
Base: $0.470, $0.440, and $0.400
1INCH/USD Price Movements Retain Downside Propensity
The 1INCH/USDT price action on the daily chart looks very unpredictable. Despite the price movements as stated above, price action remains a bit below the middle band of the applied Bollinger Bands indicator. Also, the Relative Strength Index (RSI) lines are now plunging downward and toward the oversold area. Likewise, the Moving Average Convergence Divergence (MACD) indicator is also revealing that the headwind is strong in this market. It could be seen that the MACD curves are coming together for a crossover above the equilibrium level, which implies that it will be a bullish crossover. Therefore, the price may drop.
1INCH/USD Price Movements Stay Vulnerable
Even on the 4-hour market, 1INCH/USD price action remains vulnerable. The latest dash price candle can be seen appearing significantly below the previous one and under the lowest limit of the Bollinger Bands. Meanwhile, the MACD curves have fallen closer to the 0.00 level, with the leading line testing the equilibrium level. Also, the RSI curves can be seen deep in the oversold region. Additionally, it appears that these curves are about to perform a bearish crossover there as well. Consequently, it appears that the bear may gain more momentum over the bulls, and the price may fall toward $0.450.
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