thecoinrepublic.com
- 1 1INCH price prediction is bearish for the short-term period.
- 2 1inch Network price is trading below the 50-day and 200-day EMA.
- 3 1inch crypto price is forming a bearish pattern.
1INCH price prediction is bearish for the short term till it trades below $0.3200. However, the prices are near the YTD low so a temporary pullback rally is possible in the coming months.
1inch Network price is trading below the 200-day EMA showcasing a downtrend. Previously, buyers tried multiple times to hold the prices above the 50-day EMA to keep the short-term trend upward. However, it faces rejection and continues to decline by forming lower lows.
In mid-August, 1INCH crypto price dropped below $0.3000 level. It triggered the negative sentiment and invited further decline. However, the prices did not collapse and entered in the narrow range consolidation.
Currently, the price is continuing the consolidation and buyers are trying to form a long-term base. 1INCH price is trading at $0.2336 with an intraday decline of -0.30%. The 24-hour volume to market cap is 5.41%.
The pair of 1INCH/BTC is trading at 0.000000891 with an intraday decline of -0.45%. Both the pairs are forming a similar bearish pattern and no signs of recovery are visible.
Will the Downfall in 1INCH Price Halt Soon?
1INCH price prediction suggests short sellers are active in 1inch crypto. So, the pullback rallies will face difficulty in holding higher levels.
However, if the overall crypto market recovers and 1inch price succeeds in breaking the $0.3245 hurdle, then the possibility of a short-term trend reversal will increase.
On the other hand, if the prices continue to decline and drop below $0.2014, then more downside will open. The technical analysis suggests 1INCH price is near the demand zone so the downfall may halt soon.
1inch Price Forming Bullish Hammer Candle
1inch price is forming a bullish hammer candle on a weekly time frame. It shows that buyers are trying their best to defend the lows. The next direction will be visible when buyers are able to break either side of the current range.
The MACD curve is below the zero line but sloping sideways. It indicates that the price may continue to consolidate for some more time. The RSI at 39 is reversing upward from the oversold territory and may reach the neutral zone soon.
Conclusion
1INCH price prediction stays bearish for the short term. However, the prices are near the demand zone so building fresh shorts will be risky.
The technical analysis suggests 1inch crypto price is in the bears’ grip and at present no signs of recovery are visible.
Technical Levels
- Resistance levels: $0.3245 and $0.4500
- Support levels: $0.2000 and $0.1500
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 other advice. Investing in or trading crypto assets comes with a risk of financial loss.