- The 1inch price rose by 24% in just a few days after the breakout.
- 1INCH crypto’s price has recovered 190% from its all-time low.
The 1inch Network (1INCH) price has been in a strong bearish trend in a broader time frame and recorded an all-time low of $0.201 on August 17, 2023. Since September 2023, the 1INCH crypto price has witnessed slow and steady gains and has recovered approximately 200% till now.
The 1inch Network price has been in a bullish trend and has registered a 52-week high of $0.618 by today. It has recently triggered a breakout with a strong buying candlestick of 8%.
For the past few months, the 1INCH price has risen by forming lower highs and higher highs. In the first week of January, the price failed to sustain the $0.500 mark and fell to the support level of $0.350. The price formed a hammer candlestick and bounced back to a 52-week high in a month.
The 1INCH token price is rising by taking support on the 20-day moving average. It has jumped by 58% after it took support on the 200-day EMA a month ago. The RSI is at 77, which is trying to decline slowly from the overbought zone.
1INCH Price Technical Analysis over the Daily Timeframe
The 1inch Network price has been in a positive trend and has reached the last swing high. Investors may book profit if the price faces resistance from the current level and declines. According to the technical chart, selling pressure can be expected if the buyers and investors prefer to book profit.
Suppose the 1INCH token price defends the $0.500 mark; new buying orders can be placed, which may help trigger a pullback, and a buying momentum for the long term can be seen. According to this scenario, the buying momentum can be seen, and a trend reversal in the broader time frame is expected.
Alternatively, if the crypto price falls to the 20-day moving average and fails to defend the $0.500 mark, it will erode the previous profit and is expected to initiate the bearish trend.
Technical Analysis of the 1INCH Token on a 4-H Timeframe
As per the technical chart, the 1inch Network price is in an up-trend and reached a 52-week high. It has struggled for the last two days to surpass the $600 mark but cannot do so.
As we can see on the technical chart, the 1inch Network price has surpassed the last swing high. If the price fails to sustain $0.600, most buyers will get trapped on the high and face their stop losses, which may lead to a sharp selling pressure.
But, if the crypto price manages to surpass the $0.600 hurdle, buyers may show their interest and lift the price further.
Conclusion
Based on the technical analysis, the 1INCH crypto price seems to be bullish, with the possibility of a trend reversal in the long term. However, it is important to note that the price may face resistance at the current level, and investors may book profits, leading to selling pressure. Alternatively, buyers may show their interest and lift the price further if the price continues to defend the $0.500 mark and surpasses the $0.600 hurdle.
Technical Levels
Resistance: $0.600 & $0.675
Support: $0.500 & $0.420
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.