- The new upgrades regarding the wallet and its features try to regain its customers.
- The price goes up by a mere 2%, amounting to $0.52.
- The market signals strong selling signs with powerful bears.
The market conditions for 1INCH are more inclined towards the bears in the market who are ready to hunt. The market has stagnated after falling steeply due to the FTX crisis. The new launches and releases are one of the damage control methods 1INCH has chosen to bring back the exiters. The rhythmic transition between bulls and bears leaves the investors in a dilemma.
Here’s what charts reveal
The charts show that both market forces are in full swing, trying to take over the market and rule. The bulls are actively buying, and the bears are aggressively selling. The chart marks a bullish engulfing pattern but could not be a success due to an overwhelming response by the seller army. The price is seen taking support and moving below the 20-day MA. Today’s price is forming a Doji and may turn into a spinning top by the end of the day.
The MACD indicator moves in bearish momentum, with the signal line moving above it. The bearish divergence is strong and shows no signs of converging in the future. The RSI indicator moves in the neutral zone of 40-50 and may oscillate between the same bounds. It may rise to the range of 50-60 after some time.
The peephole
The price shows forming a parallel channel in the 4-hour purview. The MACD indicator turns bullish after intertwining with the signal line and finally marking a bullish divergence. The RSI indicator moves in the zone of 40-50, slowly escalating from the bear zone. It may cross the 50-mark average and reach the area between the 50-60 range.
Conclusion
The market is sending mixed signals to investors. It shows a glimpse of a bull market but continues in bearish control. At this moment, all investors can do is wait and see what is about to come next. It may surge in the future but cause short-term losses to the participants.
Technical levels
Support levels: $0.510 and $0.480
Resistance levels: $0.625 and $0.650
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/01/1-inch-moving-inch-by-inch-mixed-market-conditions/