Decoding if 1INCH could fall to sell pressure as whale transfers into exchange

ambcrypto.com:

On 12 February, a whale transferred $1.09 million worth of 1inch Network [1INCH] into Binance, Lookonchain revealed. Usually, a transfer of this magnitude infers an intent to sell. However, the on-chain smartmoney track mentioned that the last transfer the said whale had, was in August 2022.

The whale received 10M 1INCH in Dec 2021 and Jun 2022, the average receiving price is ~$0.83.

The last time he/she transferred 2M 1INCH to #Binance was on Aug 2, 2022, when the price was $0.75. pic.twitter.com/K3LgY2SI1b

— Lookonchain (@lookonchain) February 12, 2023

How much are 1,10,100 1INCH tokens worth today ?

An evaluation of the sale implied that the whale selling the tokens would be a realized loss. This was because the average price of the 10 million 1INCH accumulated was $0.83 while the token exchanged hands at $0.53 as of this writing. So, has 1INCH suffered a significant loss in value as a result of this whale action?

Well, information from CoinGecko showed that the 1INCH exchange against Bitcoin [BTC] , in the last 24 hours resulted in an 0.8% decline. However, the token’s ride against the U.S. Dollar was a different talk altogether.

On the daily chart, the Moving Average Convergence Divergence (MACD) shifted momentum in bears’ favor. At the time of writing, the orange dynamic line was rated above the blue line. An explanation of this state points to sellers’ control. 

However, both lines trended downwards meaning the selling pressure wasn’t extremely heightened for bulls. But on another note, 1INCH was likely to remain in a similar condition in the short term because the 12 to 26 EMA close remained below the equilibrium