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Lookonchain (@lookonchain) tweeted that a whale transferred 2 million 1INCH tokens to the leading crypto exchange, Binance, yesterday. As per price of 1 INCH at the time of the transfer, it was estimated that the total amount transferred was worth $1.09 million.
The tweet added that the whale received 10 million 1INCH in December 2021 and June 2022, with the average receiving price of $0.83 per token. The last occasion that the specific whale transferred 2 million 1INCH to Binance was on 2 August, 2022, when the price of 1INCH was $0.75.
At press time, the price of 1INCH is down 0.43% and is trading at $0.5323 according to CoinMarketCap. The altcoin was able to strengthen against Ethereum (ETH) over the last 24 hours but was unable to do the same with the crypto market leader, Bitcoin (BTC).
The price of 1INCH has dropped below the 20-day EMA line over the last 24 hours. However, bulls did step in to support the altcoin’s price and have been able to elevate it back above the 20-day EMA line.
1INCH’s price may be unable to remain above the 20-day EMA line for the rest of today’s trading session. One technical indicator that supports this bearish thesis is the daily RSI indicator. Currently, the daily RSI line is positioned bearishly below the RSI SMA line. In addition to this, the daily RSI line is sloped negatively towards oversold territory.
Should 1INCH’s price fail to close today’s trading session above the 20-day EMA line, then the altcoin’s price may look to target the next support level at $0.486.
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