It’s been 3 months since 1INCH cryptocurrency is in the deepest depression. What can be worse than a sharp market reversal, given that even this morning the situation was maximally positive? That’s exactly what happened to 1INCH cryptocurrency investors on October 27. On the chart, you can see a big spike in volumes and an abnormal candle on a large timeframe.
On the one hand, this is a signal for continued growth. But the fact of global consolidation, in which the price of cryptocurrency 1INCH is moving since May 2021, is important here. Buyers on high volumes failed to break the global consolidation upwards. This fact was the signal for sellers to act. In our previous forecast we expected a more restrained correction of the 1INCH price. The formation of the “Cup and Handle” pattern, which indicates the continuation of the trend, had great chances to work out. But Bitcoin price weakness and the general negativity in the cryptocurrency market forced 1INCH price to continue falling to the lower boundary of the global consolidation.
Cryptocurrency 1INCH completes a wave of decline
If you look closely at the continuation of 1INCH price decline after December 4, it becomes clear that the sellers’ forces are running out. Yes, the buyers haven’t shown themselves and haven’t shown interest in starting a new wave of growth. But as we know, the price is very manipulative during the consolidations and it is easy to start the sharp reversal without volume and candlestick pattern. You can see that by looking at how 1INCH cryptocurrency reversal started in July 2021:
The chart clearly shows that after the weakness of the buyers and the renewal of the local low, the sellers had no more effort left. Analyzing the situation now we also see small trading volumes and weak sellers’ initiative. Therefore, globally, in the wide range of $1.85-2 is a good entry point for a long-term investment with the target of $6.4. The first local target in this long-term trade is the range of $3.5-3.8. In this range may be a good chance to close part of the position on the cryptocurrency 1INCH and try to re-buy it lower on a local correction. If you don’t have time to monitor the cryptocurrency market every day, but the value of your deposit does not allow you to let the situation flow – use our service “Deposit Management via API”.
Price of 1INCHBTC has stopped moving since December 2021
Analyzing the movements of the price of 1INCHBTC you can see a global wave of decline, starting from January 2021. But even within this falling wave, we see that the prospect of price growth is about 100%. We do not exclude the probability of decline attempts, but we see them in the form of false breakdowns of the liquid zone of 0.00005. Given the nature of 1INCHBTC price movement and low trading volumes recently, we expect a strong upward price impulse. It is after such an impulse that we need to closely monitor the market to see how many sellers it has left. This information will tell us how strong the new growth of 1INCH cryptocurrency may be.