#1Inchusdt Nears Oversold: Key Support at $0.300 in Focus
1INCH (1INCH/USDT) is currently trading around $0.339. Key resistance levels are at $0.350 and $0.400, with support around $0.300.
200 SMA: Price is below the 200-period SMA on the 4-hour chart, indicating a bearish trend.
MACD: Bearish crossover on both 4-hour and daily charts, with a negative histogram, suggesting downward momentum.
RSI: The RSI on the 4-hour chart is at 32.95, indicating nearing oversold conditions. The daily RSI is also near oversold at 32.86.
Volume remains stable, indicating indecision among traders and lack of strong momentum.
Bullish Scenario:
If 1INCH holds above $0.300, a move towards $0.350 and $0.400 is possible, especially if volume increases. A breakout above $0.400 could signal a new uptrend.
Bearish Scenario:
Failure to hold $0.300 may lead to further decline, with potential support at $0.250. Continued bearish momentum could test lower historical level
Disclaimer: The information provided is for educational purposes only and should not be considered financial or investment advice. Cryptocurrency trading carries significant risk and may not be suitable for all investors. Always conduct thorough research and consult with a qualified financial advisor before making any investment decisions. The author and publisher are not responsible for any financial losses incurred based on this analysis.
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