1inch/Tether (1INCHUSDT) Market Overview: A Bearish 24-Hour Move with Key Levels in Focus

• Price declined 6.8% over 24 hours, with key support tested near 0.2593 and resistance at 0.2700.
• High volatility seen post-12:00 ET, with 15-minute ranges expanding by 12%.
• MACD and RSI both showed bearish momentum, indicating potential for further downside.
• Volume spiked significantly after 09:45 ET, confirming sell-side pressure during selloff.
• Bollinger Bands tightened before 02:00 ET, followed by a sharp break to the downside.

1inch/Tether (1INCHUSDT) opened at 0.2699 at 12:00 ET − 1 and closed at 0.2595 by 12:00 ET the following day. The price reached a high of 0.2725 and a low of 0.2551 during the period. Total volume for the 24-hour window was 1,383,583.6, with a notional turnover of $376,595.70 (calculated using mid-range prices).

The 15-minute chart showed a bearish consolidation phase with a large bearish engulfing pattern developing from 19:30 to 20:00 ET. Support was tested at 0.2615 (61.8% Fibonacci level from the 0.2627 to 0.2725 swing) and then again at 0.2593. Resistance levels at 0.2700 and 0.2715 appear to be key areas of psychological relevance, where price stalled multiple times.

The 20-period and 50-period moving averages on the 15-minute chart both crossed below the price, forming a bearish signal. The 50-period daily moving average sits around 0.2680, and the 200-period line is at 0.2655, suggesting the daily trend is still mixed, but the 15-minute momentum favors the downside. The RSI is in oversold territory at 27, and the MACD has remained negative with a bearish crossover occurring at 20:30 ET.

Bollinger Bands tightened significantly between 02:00 and 04:00 ET, signaling a potential breakout. Price then broke to the downside with a sharp decline, validating the bearish bias. The low of 0.2551 was the furthest deviation below the lower band in 24 hours, indicating high volatility and bearish pressure during the early morning hours.

Volume spiked heavily during the selloff between 09:45 and 10:15 ET, with 227k units traded as price dropped from 0.2621 to 0.2612. However, this does not fully confirm a continuation pattern, as subsequent volume tapered off after 10:30 ET. Price and turnover appear aligned in the short term, but a divergence may develop if further selling pressure does not follow the same volume patterns.

A 61.8% Fibonacci retracement level at 0.2615 was breached during the morning, and the 38.2% level at 0.2651 has become a key resistance for the next 24 hours. Daily swing highs at 0.2700 and 0.2725 could be retested if a reversal occurs, but the current trend suggests a test of the next support at 0.2550 or even 0.2520.

The next 24 hours could see 1INCHUSDT testing the 0.2550–0.2580 range for support, with a potential bounce or breakdown possible. A strong close above 0.2615 would indicate a bullish reversal, but traders should remain cautious of further volatility and potential for a deeper correction. As always, trailing stops and monitoring of major moving averages will be key to managing risk.

Backtest Hypothesis

The backtest strategy described involves identifying key Fibonacci retracement levels and using them in conjunction with RSI divergence and volume confirmation. Given the current setup, a potential short entry could be considered at the 0.2615 level with a stop above the 0.2635 resistance. A target of 0.2550 aligns with the 61.8% retracement level on the daily swing and is a key psychological level. This setup could be backtested using a 15-minute chart and tested against historical data to refine entry timing and position sizing.