- 1inch Network (1INCH) price has dropped by 40% in 2 weeks.
- 1INCH crypto price is rising to retest the 200-day exponential moving average.
1inch price has witnessed strong selling pressure on a wider time frame. It has melted by approximately 40% in the last 2 weeks which shows the domination of sellers. 1inch Network price has slipped below the 200-day EMA and taking support on the $0.370. The price is gaining bullish momentum and rising for retesting the 200-day EMA.
On a wider time frame, the 1inch Network price has been in a bearish trend and formed a base near the $0.200 hurdle in September 2023. Since October 2023, the p0rice gained bullish momentum and rose by approximately 200% till mid-March.
1inch Network price is trading at $0.413 which has dropped by 0.39% in the last 24 hours. The market capitalization is $478.05 Million and the 24-hour trading volume is $34.34 Million. The circulating supply is 1,157,180,160 1INCH and the total supply is 1,500,000,000 1INCH.
1INCH Price Technical Analysis Over 1-D Timeframe
As we can see on the 1inch chart, the price has been in a bullish trend and reached a 52-week high of $0.703 on March 13, 2024. The bullish trend was disturbed near the $0.700 hurdle and investors have preferred to book profit which has led to a bearish momentum.
1inch Network price has been taking support on the $0.370 level for the last 3 months. The price has formed a bullish engulfing candlestick pattern on the support level and the next candle has closed over the previous candle.
If the 1INCH price surpasses the 200-day EMA and sustains, then the price may extend to the last swing high. If the investors show interest, the price may follow the recent trend and may recover past losses in the next few months.
On the other hand, if the 1inch crypto price fails to defend the support level then buyers may lose momentum which may lead to selling pressure and the price may melt to the $0.200 hurdle.
1inch Network Price Prediction Over 4-H Timeframe
After strong selling pressure, the 1inch price has stuck in a parallel channel for a week. Moreover, the price has jumped above the 20-day EMA threshold and dropped back to retest the EMA curve. The asset price is anticipated to perform negatively if it slips below the channel. However, If the price triggers a breakout from the channel then it may rebound to the new 52-week high.
Technical indicators suggest that the 1INCH price has slipped below the significant moving average showing a negative sentiment. RSI has settled into the oversold zone and currently rising which is a sign of bullish momentum for the next few days.
Continuous Decline in Volume Has Detected; Will It Keep Falling?
The graph of volume and price, the trading volume has been declining for the last few months and it has affected the price negatively. In the last 10 days, the trading volume has dropped by 80% and the price has melted by 35%. Suppose the trading volume increases rapidly, it may leave a positive impact on the price.
Conclusion
On a wider time frame, the 1INCH price has been in a strong bearish trend. Recently, 1inch Network price witnessed profit booking and melted to a major support level. If it fails to defend the $0.370, the price may record a new all-time low. According to our analysis, if the price surpasses the 200-day EMA, it may gain bullish momentum for the long term.
Technical Levels
Resistance Levels: $0.500 & $0.620
Support Levels: $0.370 & $0.230
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.