The loss of the critical liquid range of $3.6-3.75 had a very negative impact on the 1INCH market participants. After a powerful wave of decline, which began on May 9, sellers managed to lower the price of 1inchusdt by 76%. The main trading volumes were recorded on May 19, when sellers began to break through the liquid price zone of $3.6-3.75.
After unsuccessful attempts of buyers to regain control of this range, the price of 1inchusd continued its decline, however, at lower volumes. The decrease in investor interest below the range of $3.6-3.75 is clearly visible on the daily timeframe: As you can see, a systematic decrease in trading volumes even during local growth speaks of the fear of market participants and a reluctance to take risks in such a situation. Therefore, at the moment, a positive scenario for buyers will be a test of the range of $3.6-3.75. A new wave of decline will most likely start from this range. From how strong it will be, it will be clear how likely the scenario of the completion of the correction and the beginning of a new wave of growth is.
For a positive scenario, buyers need to keep the range of $2.45-2.6. Otherwise, we will see an update of the local low. ________________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!