INS has under performed significantly compared with a typical ICO listing on the Binance trading platform. On this daily chart we see the initial waves of selling driving the price as low as 1200 sats before testing resistance and establishing a downtrend at 2200 sats.
The pullback completed a full TDS cycle to 9 candles followed by a four candle reversal which was rejected at the 50 day MA, the expectation from this position is another TDS 9 count to the downside. The RSI has been consistently bearish on this chart and may well be headed back into oversold territory. OBV and CMF confirm that the main action taken by traders of this asset is to sell and there are no indications to suggest that the bearish trend is set to end anytime soon. The likely continuation is for the price to decline for a complete TDS 9 count with periods of consolidation in between as support is absorbed by excess sellers in this market.
The technical weakness in this chart is such that the current trend has INS trading at 0 by the end of November this year. Clearly, then, there will be an opportunity to trade to the upside before this happens and once the fundamentals begin to assert themselves in the price there will be significant potential for gains. INS is extremely active with new partnerships and products for the platform added weekly by a team with a wealth of knowledge and experience in thee field of grocery retail.
I have called the bottom for the psychologically significant number of 1000 sats around the beginning of July once the remaining tokens from the ICO have been airdropped and those who wish to sell into this depressed market have done so, forming the true bottom of this chart. It is possible that the price dips below this number and will update this idea should that happen.
Entry into this trade will occur after significant volume spike to form a reversal candle at the lows of the daily chart, with an initial target of resistance at 2200 sats.
The pullback completed a full TDS cycle to 9 candles followed by a four candle reversal which was rejected at the 50 day MA, the expectation from this position is another TDS 9 count to the downside. The RSI has been consistently bearish on this chart and may well be headed back into oversold territory. OBV and CMF confirm that the main action taken by traders of this asset is to sell and there are no indications to suggest that the bearish trend is set to end anytime soon. The likely continuation is for the price to decline for a complete TDS 9 count with periods of consolidation in between as support is absorbed by excess sellers in this market.
The technical weakness in this chart is such that the current trend has INS trading at 0 by the end of November this year. Clearly, then, there will be an opportunity to trade to the upside before this happens and once the fundamentals begin to assert themselves in the price there will be significant potential for gains. INS is extremely active with new partnerships and products for the platform added weekly by a team with a wealth of knowledge and experience in thee field of grocery retail.
I have called the bottom for the psychologically significant number of 1000 sats around the beginning of July once the remaining tokens from the ICO have been airdropped and those who wish to sell into this depressed market have done so, forming the true bottom of this chart. It is possible that the price dips below this number and will update this idea should that happen.
Entry into this trade will occur after significant volume spike to form a reversal candle at the lows of the daily chart, with an initial target of resistance at 2200 sats.