1 Inch Network Price Analysis: These are the levels investors need to break through to reverse the downtrend.

  • The price action of the 1Inch network appears to be in a consolidation phase while remaining above recent lows.
  • The price of the 1 inch token is visible above the green zone of the Super Trend indicator on the daily price chart.
  • The 1-inch bulls have been struggling near the $0.80 resistance level for several days.

1Inch Network is still in a downtrend since November. Meanwhile, bulls continue to see bullish rejection from short sellers with every bounce. As a result, the bulls saw a 20-month low of $0.517 on June 18th.

Near the recent low, the bulls attempt to reverse the ongoing sell-off. Thus, the price action has entered a consolidation phase over the past 7 days. Meanwhile, the 1-inch coin has recouped nearly 50% of its cost from recent lows at the weekly high of $0.809.

The price action of the 1 inch network appears to be in a consolidation phase above the $0.650 area and below the $0.80 level. At the time of writing, during consolidation, the altcoin was trading at $0.74.

In this phase of consolidation, bulls have a bright spot that the token price is trading 1 inch above the green area of ​​the Super Trend indicator on the daily price chart. And the green signal line of the next indicator can serve as a support level.

Meanwhile, according to data from CMC, the market capitalization of the 1-inch token fell 3.4% in the past 24 hours to $4.5 million. Moreover, the price of 1 inch and the bitcoin pair is in the green zone at 2.1% 0.000003708 satoshis.

Trading volume peaked last night this week, leading to a roughly 96% gain last night in volume.

The RSI breaks through the resistance zone

Against the backdrop of the daily price chart, the RSI is retracting above the half line, which was the resistance of the indicator for the past 2 months.

Additionally, MACD produced several bullish crossovers but each one was a trap. Now again, both mobile lines have moved towards the neutral zone.

Conclusion

As the RSI indicator finally broke the resistance level and moved to the upper zone. But 1Inch Network’s price action has yet to break through this consolidation range. Above this range, the bulls want to reach the $1.0 conceptual level.

Support level – $0.650 and $0.50

Resistance level – $1.0 and $1.5

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.

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