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1inch Price Analysis for October 27

Price Predictions
Wed, 10/27/2021 - 15:39
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Denys Serhiichuk
Can 1inch keep rising against a falling market?
1inch Price Analysis for October 27
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls could not keep the growth rising for long, and all top 10 coins followed the sharp fall of Bitcoin (BTC).

Top coins by CoinMarketCap
Top coins by CoinMarketCap

1inch/USD

1inch is the exception from the rule today as the altcoin could show enormous 38% growth over the last day against the fall of the whole market.

1inch/USD chart by TradingView
1inch/USD chart by TradingView

After the sharp rise, 1inch is currently facing a correction, which is quite a normal thing after such growth. The selling volume is increasing, which means that the coin may once again touch the local support at $5.25, so bulls could get more power for a continued rise.

1inch/USD chart by TradingView
1inch/USD chart by TradingView

On the bigger time frame, the correction may last longer if bulls do not come back to the vital level of $6 and fix above it.

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The nearest support at which a bounceback may occur is the formed mirror level at $4.548. In case the bears break it, the drop may continue to the zone of the most liquidity around $3.

1inch/USD chart by TradingView
1inch/USD chart by TradingView

On the daily chart, 1inch made a false breakout of the resistance at $6.65. The growth has been accompanied by a high trading volume, which means that bulls are ready to keep the ongoing rise going.

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However, before that happens, there is a chance to see the test of the support at $4.118. All in all, the mid-term scenario remains bullish until the altcoin trades above $4.

1inch is trading at $5.454 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.