- One token price is falling from past trading days and is now trading at a long-term demand zone of $0.17.
- The token price is forming a rising wedge pattern on a weekly time frame.
- The pair of ONE/BTC is trading at 0.00000434 with an increase of 1.24 % in the market cap of the digital asset over the past 24 hours.
ONE token price is in a strong downtrend from past trading weeks, and recent bearishness in the overall cryptocurrency market has led to further fall. The token price is currently trading at a long-term demand zone of $0.17.ONE token price faced rejection at the short-term supply zone of $0.23 and fell. The Token is currently trading below all the vital Exponential Moving Average (20, 50, 100) and can act as resistance moving upwards. The coin was trading along with the upper band of the Bollinger band indicator, but recently due to a bearish trend, the Token fell to the lower band of the Bollinger band indicator. The Token is forming lower low and lower high formation on daily timeframe. Volumes over the past trading days have decreased immensely. This has resulted in a decrease in volatility, and thus it will be difficult for the coin to change the trend to bearish .
MACD and Supertrend are neutral on daily time frame
ONE token price is trading in a small range on a daily time frame, and breakout on either side could trigger impulse moves.
Moving Average Convergence Divergence (Bullish): MACD indicates a bearish trend on the daily time frame, giving a negative crossover. The seller’s signal line (orange) crossed the buyer’s signal line(blue) on the downside, indicating a possible breakout of the long-term demand zone at $0.16. If the Token can break the lower trendline, it will become difficult for the coin to recover.
Supertrend: Recent bearishness in the price of the LRC token led to the Supertrend indicator’s breakdown at $0.25, and the supertrend gave a sell signal. The Token fell below the supertrend line after facing rejection at the super trend line. If the Token surpasses the super trend trendline, there can be a short-term bullish movement in the digital asset price. If the Token cannot break out of the above supertrend sell line, it can stay into a bearish trend that can push the price down to $0.16.
ONE token price is forming a rising wedge pattern on weekly time frame
ONE token price is forming a rising wedge pattern on weekly time frame, and recently, it broke down. Now, after breaking down the trendline, it forms a bearish pin bar candlestick pattern suggesting a bearish trend for the upcoming trading days.
Average Directional Movement Index: ADX has been continuously dipping from the past trading days, and recently, it slipped below 40, as the Token faced rejection at $0.38 in weekly time frame. The ADX curve is still in a downtrend and suggesting a further fall in the price of the ONE Token.
Relative Strength Indicator: RSI is trading at 46.24 after the Token faced rejection and fell. The RSI curve fell out of the overbought zone and has been downtrend since the Token started falling. The Token has already fallen below the halfway mark of 50, and now the token price can fall to $0.16. The RSI curve has crossed the 20 SMA curve, indicating a bearish trend for upcoming days.
Conclusion
As per the price action, one token price is showing bearishness for the upcoming trading days. The technical parameters suggest the same. It remains to see if the Token reverses from current levels or falls to previous lows, which seems likely.
SUPPORT: $0.16 and $0.18
RESISTANCE: $0.25 and $0.38
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.