Headwinds Push 1INCHUSDT Towards a Four-Month Low

After the price action of the 1INCHUSDT token moved by more than 5% today, bear traders have caused the token to retract below a very recently surpassed price level of about 4 months ago. Will headwinds cause more upset in this market?

1INCH Statistics:
1inch Value Now: $0.2614
1INCH Market Cap: $271,210,087
1INCH Circulating Supply: 1,034,879,426
1inch Total Supply: 1,500,000,000
1inch CoinMarketCap Ranking: 102

Major Price Levels:
Top: $0.2614, $0.2700, and $0.2800
Base: $0.2514, $0.2414, and $0.2314

1INCHUSDT Price Stays at the Boarder Of Crossing the $0.2595 Mark

As earlier stated, headwinds have acted on the price action of 1INCHUSDT and have caused some moderate downward correction in the ongoing session. Nevertheless, buyers are still retaining most of the recorded profits from today’s trading. As a result, the last price candle here stays green.

However, the current price of this token seems to be standing shoulder to shoulder with that of four months ago at $0.2595. Meanwhile, the curves of the Relative Strength Index (RSI) indicator are still oriented upwards above the 85 mark of the indicator. Consequently, this suggests that buyers still have the chance of rejecting further downward corrections.

1INCH Bulls Are Trying to Defend the $0.2595 Threshold

In  the 1inch 4-hour market it appears that buyers are now battling hard against headwinds at a very crucial point. Price action in the previous session was pumped through the ceiling created by the upper band of the Bollinger Bands. Subsequently, a resulting downward correction occurred, and price action seems now to be on the verge of retracting below the upper band of the Bollinger Bands indicator.

While all these are occurring, the RSI lines are still somewhat steeply pointing into the overbought region while below the 70 level of the indicator. Technically, it is possible that bulls shake off the dizziness caused by headwinds and continue advancing towards the $0.2800 mark. However, buyers must utilize a good exit plan should things go sideways.

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