1 Inch Network Price Analysis: 1 Inch Up In An Interesting Pattern, Know Where It Is!

  • The 1 inch network price is trading inside an ascending wedge pattern on the daily chart.
  • 1INCH crypto has recovered above 20 and 50 EMA and is still below the 100 and 200 day daily moving average.
  • The 1INCH/BTC pair is at 0.0000361 BTC with an intraday gain of 2.71%.

The 1 inch network price is trading inside an ascending wedge pattern on the daily chart. The token needs to gain steady uptrend momentum to recover on the chart. 1INCH crypto needs to accumulate bulls in order to rise and continue its recovery phase. However, the bears may try to interrupt the uptrend momentum of the crypto 1INCH and pull the token towards the lower trendline of the rising wedge pattern. Meanwhile, the bulls are trying to hold at the current level to maintain their position inside the rising wedge pattern.

The 1-inch network price is currently estimated at $0.82 and has lost 2.24% of its market capitalization in the last 24 hours. However, the trading volume increased by 51.97% during the intraday trading session. The 1 inch bulls are still present in the trade for the token recovery. The volume to market capitalization ratio is 0.1674.

The price of 1 inch coins is trying to climb through a rising wedge pattern on the daily price chart. The token needs to attract more buyers in order to stay in the recovery phase. However, the change in volume can be seen below average and must increase for the 1INCH crypto to hold. The 1 inch bulls need to hold within the lower range of the rising wedge to fly over the chart.

What do technical indicators suggest about 1INCH?

On the daily price chart, the price of 1 inch coins is trying to break through a rising wedge shape. For the token to continue in the recovery phase, more buyers are needed. Technical indicators suggest the downtrend momentum of the 1 inch coin inside the rising wedge pattern.

The Relative Strength Index presents the downtrend momentum of the 1 inch coin inside the ascending wedge pattern. The RSI is at 62 and heading towards neutrality. MACD presents the uptrend momentum of the 1INCH coin inside the rising wedge pattern. The MACD line is ahead of the signal line but with a minor difference.

1INCH investors should wait for any direction change on the daily chart.

Conclusion

The 1 inch network price is trading inside an ascending wedge pattern on the daily chart. The token needs to gain steady uptrend momentum to recover on the chart. 1INCH crypto needs to accumulate bulls in order to rise and continue its recovery phase. However, the bears may try to interrupt the uptrend momentum of the 1INCH crypto and they may pull the token towards the lower trendline of the rising wedge pattern. However, the change in volume can be seen below average and must increase for the 1INCH crypto to hold. Technical indicators suggest the downtrend momentum of the 1INCH coin inside the rising wedge pattern. 1INCH investors should wait for any direction change on the daily chart.

Technical levels

Support level: $0.80 and $0.75

Resistance level: $0.90 and $0.95

Disclaimer

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