Decoding if 1INCH could fall to sell pressure as whale transfers into exchange

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A whale transferred two million 1INCH into Binance despite accumulating at a higher average price The token price declined with the technical outlook poised to fall further On 12 February, a whale transferred $1.09 million worth of 1inch Network [1INCH] into Binance, Lookonchain revealed. Usually, a transfer of this magnitude infers an intent to sell. […]

, in the last 24 hours resulted in an 0.8% decline. However, the token’s ride against the U.S. Dollar was a different talk altogether.

On the daily chart, the Moving Average Convergence Divergence shifted momentum in bears’ favor. At the time of writing, the orange dynamic line was rated above the blue line. An explanation of this state points to sellers’ control. However, both lines trended downwards meaning the selling pressure wasn’t extremely heightened for bulls. But on another note, 1INCH was likely to remain in a similar condition in the short term because the 12 to 26 EMA close remained below the equilibrium MACD point.On the part of its trajectory, the Directional Movement Index pointed to the red area. From the image above, the +DMI was down to 16.45 while the -DMI was positioned lower at 12.95.

swaps. On the said date, the blockchain distributed network announced hitting seven figures as per the activity.

 

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