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07/13 11:37

Profit-taking could pause in 1inch’s rally The m

Profit-taking could pause in 1inch’s rally

The market structure on the 1-day chart was strongly bullish. The breakout past the series of lower highs made since May, with their peak at $0.25, marked decisive bullish intent in the market.

The high trading volume in July saw the OBV soar higher, making new highs for the year.

The RSI on the daily chart was in overbought territory, which was an early sign of a potential short-term price dip. The $0.33 resistance area could be revisited before the next sizeable pullback.

This level had been a support in late January, but was flipped to resistance. Traders can look to book partial profits at current market prices and wait for a test of the $0.328 level.

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