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After 1INCHUSDT’s price action found higher support, it has been able to generate moderate profits from it. The ongoing session seems more volatile than the previous ones. Let’s try to deduce what might be in store.
Key 1inch Statistics:
Current 1INCH Value: $0.2611
1INCH Market Cap: $267,384,740
Circulating Supply of 1inch: 1,042,957,553
Total Supply of 1INCH: 1,500,000,000
1inch CoinMarketCap Ranking: 103
Key Price Levels:
Resistance: $0.2611, $0.2700, and $0.2800
Support: $0.2600, $0.2500, and $0.2400
1INCHUSDT Upside Momentum Encounters Resistance Near the $0.2800 Mark
Price action in the 1INCHUSDT daily market has displayed modest signs of life since bouncing off support at the $0.2400 price level. Nevertheless, the ongoing session, during which price action seems to have recorded the most movement, has also seen significant downward corrections.
Although the current price of the token remains above the 21-day Moving Average (MA) curve, the upper shadow of the price candle representing the ongoing session suggests that some traders have been taking profits. Similarly, the Relative Strength Index (RSI) indicator lines have started showing a gradual decline in upside momentum due to the perceived downward price correction.
1inch Appears to Be Regrouping for Further Upside Corrections
After a notable price decrease in the previous session and a significant downward correction in the 1inch 4-hour market, it was anticipated that the downward correction might continue. However, a new session has begun, and it appears that more buying activity is occurring.
The presence of a relatively large price candle above the MA line has given price movement an upward bias. Additionally, the RSI crossover has further indicated that a more upward correction may still be observed, at least towards the $0.2700 level.
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