Despite Bullish Trade Signal — Why 1INCH Might Go Lower!

Just a couple of minutes ago, 1INCH flashed a bullish Bollinger Bands signal on the 4H chart. However, despite the signal's solid reliability when it comes to smaller gains, 1INCH looks poised for a stronger downtrend.

Here's why 👇

1 — 1INCH chart looks extremely bearish with two tops at 0.43 that were rejected both. Especially the M-shape is a formation you don't want to see and indicates a bearish momentum.

2 — 1INCH fell below the important support at 0.4. Also, it recovered gradually, but the token hasn't been able to climb back above the crucial level.

What's next?
A daily close below the 0.4 level will strengthen the bearish momentum. Without support from the broader market, it is more than likely that 1INCH will revisit support at 0.38 next.