1INCH Price Has Defended All-time Low: Bullish Trend Expected?

• The trading volume for the last 24 hours has increased by 45%.
• 1INCH crypto price has jumped by 45% this month, and bulls are dominating.

The 1inch Network (1INCH) crypto price has been bullish and has witnessed a slow and steady gain for the last few months. The bullish trend has disturbed near $0.5200 and dropped by 29.12% in 10 days. 1inch Network price has been attempted again with a strong buying candlestick but showed a strong price rejection, which indicates the presence of sellers.

1inch Network crypto is building a higher structure, indicating an increasing trend. The bulls, who are dominating the bears, support the price. To get to the higher tiers, though, more purchasers are required.

Technical Analysis of 1INCH Price Over 1-D Timeframe

The current market price of 1inch Network is $0.486 with a fall of 1.52% in the last 24 hours. Currently, the 1INCH price is near the previous swing high, and sellers seem strong, leading to a price rejection.

If the 1INCH price sustains the last swing high and investors regain their confidence, it may continue the previous trend. If the buyers lift the price to the $0.600 mark and face resistance, it may go for a pullback. If the price pulls back at that point, then it may perform positively for the next few weeks.

On the other hand, as per the technical chart, the price has been rising by taking support on the trendline. If the price fails to sustain the last sing high, it may drop to the 50-day moving average. However, if the price falls to defend the 50-day moving average, then it may melt to the trendline. 

1inch Network Price Analysis on 4-H Timeframe

In a 4-H time frame, the 1INCH token price has been rising through an inclining channel and recently gave a breakout but failed to sustain and has dropped back to the trendline. 

According to the price action, the 1INCH crypto price has formed a hammer candlestick on the upper trendline, which shows the bullish sentiment. If the 1inch Network price chart structure manages to attract investors, bullish momentum for the next few weeks can be expected.

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But if the price fails to defend the upper trendline, most buyers may face stop losses, leading to a sharp fall, and the price will continue the consolidation phase in the channel.

Conclusion

Based on the technical analysis of the 1INCH crypto price over 1-D and 4-H timeframes, it can be concluded that the price is currently facing strong resistance at the last swing high. If the buyers manage to lift the price to $0.600 and face resistance, a pullback may occur, which could lead to a positive performance in the next few weeks. However, if the price fails to sustain the last swing high, it may drop to the 50-day moving average or even further down to the trendline.

Technical Levels

Resistance: $0.520 & $0.560

Support: $0.460 & $0.430

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.