1Inch price analysis: Bearish Rally. The price fell 11.81% in 3 days.

• The 1inch price is facing a strong downtrend movement over the daily graph.
• 1inch needs to attract buyers a bit quick as the price is moving below the 20, 50, 100, and 200 DMA
• 1INCH/BTC pair is at 0.00003101 BTC with a loss of 5.10%.

The 1inch network unites decentralized protocols whose synergy enables the most lucrative, fastest, and protected operations in the DeFi space. In addition, to access to deepest liquidity from multiple sources across seven supported blockchains, the 1inch network offers users attractive prices and a high degree of security and is the most audited project in DeFi.

The 1inch price is facing a strong downtrend movement over the daily graph. Which signifies that the bears are dominant over the bulls. The bears pushed the price below the $1 crucial support. As now the price is very low it could be a perfect swing entry time for the bulls to buy the dip and take the token back once again to its correct place. 1inch needs to attract buyers a bit quickly as the price is moving below the 20, 50, 100, and 200 DMA. The price fell by about 11.81% in 3 days.

The current price for a 1inch token is at $0.90 with a loss of 6.84% in its market capitalization in the last 24 hrs. The token has a volume of 46 million which is at a loss of 23.57% and a market cap of 376 million with a decrease of  6.84% in it over the last intra-day trading session. The volume market cap ratio is 0.1171.

Short term analysis

While analyzing the graph for a short term (4 hrs) we get the same bearish movement. Bears are still dominating the market.

While looking at the indicators, the MACD indicator indicates a bearish movement further as the red histograms are rising and the MACD line is below the MACD signal line, though the signal is not strong. But then there comes the relative strength index which tells us the selling volume is increasing continuously and soon it can hit the oversold mark. The RSI value is below 35.

Conclusion

The 1inch price is facing a strong downtrend movement over the daily graph and the short-term graph. The bears are hyperactively pushing the price down. Token need its bulls to support the ecosystem.

Technical levels

Resistance levels: 1.0 and 1.2

Support levels: 0.80 and 0.70

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Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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