- The 1inch Network price exceeds the $0.58 hurdle.
- Technical indicators summary suggested a positive signal in the current phase.
- The 1INCH token price surged 8.46% during the weekly trading session.
1inch Network (1INCH) first protocol is a decentralized exchange (DEX) aggregator solution. It searches deals across multiple liquidity sources and offers users better rates than any individual exchange. The aggregation protocol uses the pathfinder algorithm for finding the best paths over 400+ liquidity sources. Through the 1INCH token, holders can participate in the 1inch Network DAO governance. 1inch Network Provided 181% Return in the Last Six Months
1INCH token price has experienced recovery since September 2023. The price started the bullish rally from the $0.20 support level. Earlier, it faced a massive fall on that level from March 2023. However, the price gave good performance in the 2023 fourth quarter.
The price showed bullish rallies for the four consecutive months, which ended in December 2023. During those sessions, the price surged over 100% to the $0.46 decisional point of interest (POI), although it declined 8.36% in January 2024.
The decline in growth gave crypto investors a bullish perspective for the next month. The whales started entering in February 2024 from the $0.37 support level. It resulted in an upsurge of 30% and has continued this month.
The 1INCH token price has grown 50% in the current month. The current price holds 91.89% less value than its all-time high price, which is at $7.87. The current market capitalization is $732 Million, ranked 128th among 8,967 active cryptocurrencies.
Technical Analysis of the 1INCH Token Price
The 50-day and the 200-day EMAs are moving below the current market price, indicating an uptrend. The price recently experienced a strong bullish reaction from the 50-day EMA, which is keeping the price in a strong trend.
The 1INCH token price started the current bullish rally on January 23, 2024. It surged over 50% from the $0.37 bullish point of interest. It gave a breakout from the $0.54 resistance level while creating a short-term low at $0.46.
The price formed a strong rejection candle at the $0.46 short-term low in the recent trading sessions. It reflects that the buyers are unwilling to give at the current price level.
The price is moving with a bullish bias. If it sustains above $0.78, it can claim $1.00.
The relative strength index (RSI) reflected an internal bearish divergence in the current price momentum. It indicates the buyers are losing strength in the current trading phase. The RSI is sloping at 71.82 in the overbought area.
Summary
The 1inch Network crypto price has been bullish since October 2023. Recently, the price gave a breakout from the $0.54 resistance level. It also got a strong, bullish response from the $0.46 short-term low. 1INCH crypto price is moving toward the $0.78 resistance. The 1inch price can be predicted to be $1.00 if it sustains above $0.78.
Technical Levels
- Resistance Levels: $0.78 and $1.00
- Support Levels: $0.46 and $0.37
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.