- 1inch price has been falling through a descending parallel channel over the daily price chart.
- 1INCH crypto has fallen below the 20, 50, 100, and 200-day Daily Moving Average.
- The pair of 1INCH/BTC is at 0.00003014 BTC with an intraday gain of 1.57%.
On the daily chart, the 1inch Network price is moving inside a declining parallel channel pattern. To recover itself over the chart, the coin needs to build a consistent rising momentum. For 1INCH crypto to surge and carry on with its recovery phase, it needs to build up bulls. However, bears can try to stop 1INCH cryptocurrency’s bullish momentum and push the token in that direction, into the rising wedge pattern’s lower trendline. Bulls are currently attempting to hold at this level in order to keep their position inside the rising wedge pattern.
The price of a 1inch Network is currently estimated at $0.608 and has increased by 0.64% in the previous 24 hours. However, during the intraday trading session, trading volume fell by 48.91%. The trade still has 1inch bears available to draw the token back. The volume to market cap ratio is 0.1172.
Over the daily price chart, the price of the 1INCH coin has been declining through a parallel descending channel pattern. For the token to continue in the recovery phase, more buyers are needed. However, the volume change is below typical and must increase to support 1INCH crypto. Bulls must maintain momentum at the lower end of the rising wedge in order to cross the chart.
What do Technical Indicators suggest about 1INCH?
The 1INCH coin price is attempting to cross through a parallel channel that is descending on the daily price chart. Technical indicators point to the momentum of a 1-inch coin’s downward trend inside of a rising wedge shape.
Relative Strength Index showcases the downtrend momentum of 1INCH coin inside the descending parallel channel. RSI is at 39 and is heading towards the oversold territory. MACD exhibits the downtrend momentum of a 1INCH coin. The MACD line is below the signal line but with a minor difference. 1INCH investors need to wait for any directional change over the daily chart.
Conclusion
On the daily chart, the 1inch Network price is moving inside a declining parallel channel pattern. To recover itself over the chart, the coin needs to build a consistent rising momentum. For 1INCH crypto to surge and carry on with its recovery phase, it needs to build up bulls. However, bears can try to stop 1INCH cryptocurrency’s bullish momentum and push the token in that direction, into the rising wedge pattern’s lower trendline. However, the volume change is below typical and must increase to support 1INCH crypto. Technical indicators point to the momentum of a 1-inch coin’s downward trend inside of a rising wedge shape. 1INCH investors need to wait for any directional change over the daily chart.
Technical Levels
Support Level: $0.58 and $0.55
Resistance Level: $0.65 and $0.70
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.