altcoins.

#GOATMoments The #crypto market tracking website, CoinMarketCap, indicated that 1inch Network (1INCH) saw a more than 12% price increase, despite the fact that the majority of cryptos were trading in the red. In addition, the total crypto market cap decreased by 0.26% over the past 24 hours of trading, which left it standing at $1.21 trillion.
At press time, 1INCH was trading hands at $0.3723. This meant that the #altcoins. was trading much closer to its daily high of $0.3787 than its 24-hour low of $0.3331. Furthermore, 1INCH’s 24-hour trading volume skyrocketed by more than 300% throughout the past day. As a result, the crypto’s volume stood at approximately $89,3996,453.
1INCH’s success over the past 24 hours boosted its weekly performance even further into the green to +21.99%. In addition, the altcoin’s monthly performance was also up by more than 40%.
3-hour chart for 1INCH/USDT (Source: TradingView)
1INCH broke above the resistance levels at $0.3375 and $0.3539 over the past 24 hours, and flipped the two levels into support as well. At press time, the altcoin was looking to challenge the next resistance at $0.3756. However, bears were asserting their dominance and defending the key price point.
Traders and investors will want to take note of a short-term bearish candlestick pattern that had formed on 1INCH’s 3-hour chart over the past 3 hours. A bearish hammer pattern had formed during this period, which suggested that the altcoin’s price was approaching a price top. If this bearish candlestick is validated, $1INCH ’s price may drop in the coming 6-12 hours.
On the other hand, if the bearish candlestick is not validated, then #1INCH ’s price may flip the resistance at $0.3756 resistance into support and may break above $0.3987 in the next 24 hours. A confirmation of this bullish thesis will be if the crypto’s price closes a 3-hour candle above $0.3756 in the upcoming 24 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.#multichain

#GOATMoments Top cryptocurrency analyst Benjamin Cowen predicts that altcoins are on the verge of witnessing a severe correction against Bitcoin (BTC).
Cowen tells his 751,100 Twitter followers that he’s keeping a close watch on the total market cap of altcoins (TOTAL3) against Bitcoin.
According to the #crypto strategist, the chart suggests that altcoins will witness massive capital outflows as market participants flock to BTC.
“In July 2019, altcoins were at the same valuation against BTC that they are today. While timeframes do not have to align perfectly, this chart still suggests that altcoins could collectively drop another 40% against BTC. It’s called the altcoin reckoning for a reason.”
Source: Benjamin Cowen/Twitter
Cowen notes, however, that some #altcoins. could rally in their Bitcoin pairs, but that shouldn’t discount the larger trend he is predicting.
“This does not mean you cannot have occasional bounces on ALT/BTC pairs. History shows us that markets move stochastically. Bounces do not discount a macro thesis on #ALT /BTC pairs.”
The trader also highlights that the Bitcoin dominance (BTC.D) chart appears to be consolidating in preparation for another leg up.
The BTC.D index tracks how much of the total crypto market cap belongs to Bitcoin. A bullish BTC.D chart suggests that Bitcoin is taking a larger share of the crypto markets at the expense of altcoins.
“Looks like #BTC dominance is just consolidating before another move higher soon.”
Source: Benjamin Cowen/Twitter
At time of writing Bitcoin is trading for $30,568 while $BTC .D hovers at 51.53%.
Generated Image: Midjourney