1-Inch Network Price Analysis: 1-Inch Buyers Failed to Escape the Wedge Pattern; Will the trend continue or not?

  • The 1 inch token indicates a downtrend during a downtrend on the daily price chart.
  • Major exponential moving averages (such as 20, 50, 100, and 200 EMA) are well above the current price.
  • The price of the 1INCH/BTC pair is down 1.1% at 0.00003295 Satoshis.

1Inch Network Token is a bit weak in the short term. However, the cryptocurrency has underperformed since posting a low with an all-time high of $7.8. So far, the 1-inch coin has registered a 52-week low of $1.19 and lost over 80% of its costs so far.

The 1INCH token has been following a downward trend line (blue) for several weeks. Similarly, a descending wedge pattern (dotted blue) from the monthly high forced short sellers to sell the 1INCH token.

The 1-inch coin is approaching a 90-day low of $1.20, which is the last hope for a bull rally. At the time of writing, 1 Inch Network is trading at $539 million at $1.30, down 2.13% by market cap in the past 24 hours, according to CMC. Additionally, the price of the 1INCH/BTC pair is down 1.1% at 0.00003295 Satoshis.

In terms of the daily price chart, the 50 EMA (red) was a solid selling point for the bears in case the bulls needed to manage the upside costs. Thus, the major exponential moving averages (such as the 20, 50, 100, and 200 EMA) are well above the current price. However, fewer liquidations do not yet indicate a rebound.

Will the bears continue their bearish move?

The RSI indicates solid weakness in the 1-inch coin as the RSI peak heads towards the oversold zone in terms of the daily price chart.

Also, the MACD indicator has slipped below the neutral zone and is trending lower into the negative zone.

Conclusion

Major technical indicators point to solid weakness in the 1-inch network token. The $1.2 level acts as a hedge for the bulls, otherwise the bears might empty the coin at the conceptual $1.0 level.

Support level – $1.2 and $1.0

Resistance level – $2.0 and $3.0

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.