The overall trend ONE/USD price remains bullish; however, for the last three weeks, the coin was going through a retracement phase which now obtained good support from the $0.227 support. If the price could rechallenge the previous All-TIme High of $0.38, the coin would have a good chance to continue its rally.
Key technical points:
- The ONE coin price reclaimed the 20-and-50-day EMA line
- The ONE price gave a breakout from a falling parallel channel pattern in the four-hour time frame chart
- The intraday trading volume in the ONE coin is $392.1 Million, indicating a 73.8% gain
Source- ONE/USD chart by Tradingview
As mentioned in my previous article on ONE/USD, the coin price faced strong rejection from the $0.38 resistance and entered the retracement phase. This pullback dropped the coin price back to the $0.227 support, where it obtained sufficient demand pressure to continue its rally.
According to crucial EMAs(20, 50, 100, and 200), the overall trend of this coin is bullish. Moreover, the ONE price also managed to reclaim the 20 and 50 EMA lines.
The Relative Strength Index(54) indicates a bullish sentiment in the coin. Moreover, the RSI line has also breached its resistance trendline, projecting the growing strength of the market buyers.
ONE/USD Chart In The 4-hour Time Frame
Source- ONE/USD chart by Tradingview
The ONE coin resonated in a falling parallel channel pattern in the 4-hour time frame chart. The coin price gave a bullish breakout from this pattern providing a great confirmation for a bullish reversal.
The coin price retraces back to obtain support from the descending trendline, which should validate this breakout and help the coin to reach the All-Time High resistance of $0.38.
As per the traditional pivot levels, the crypto trader can expect the nearest support level for this coin at $0.285. And on the flip side, the resistance levels are $0.33 and $0.365.
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