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- The 1inch token price is hovering at the demand zone, while it forms a bullish chart pattern.
- The token price is consolidating near the demand zone, as it forms a falling wedge pattern.
- The pair of 1INCH/BTC is trading at the price level of 0.0000320 with an increase of 3.01% in the past 24 hours.
The 1INCH token price as per the price action is transacting near the demand zone, at the price of 0.662. The token price seems to have been affected by the bearish trend prevailing in the global market. The token price is forming a lower low and lower high price structure on a daily time frame. At present, the token price has been facing strong rejection of the downward sloping green trendline acting as a supply zone, while bouncing off the demand zone constantly. Despite the recent bearishness token price has managed to sustain above the demand zone, indicating a possible strong bounce back if bulls overpower bears. Currently, the token price is trading below the 50 and 100 Moving Averages. The recent fall in the price token price had resulted in the breaking down of important MAs. The token price can be seen falling from these MAs following the bearish pressure. The token price is trading at the lower band of the Bollinger band indicator after failing to surpass the upper band. Volumes have increased causing the volatility to increase.
The 1INCH token price is forming a falling wedge pattern on a daily time
Average Directional Movement Index: ADX curve has been falling on a daily time frame as the token continues to fall. It is a negative sign for the token price. In a daily time frame, the ADX curve has slipped below the 30 mark and has turned downwards. As the token price rests at the short-term demand zone on a daily time frame. Investors should wait for a positive candle formation at the demand zone.
Relative Strength Index: RSI curve is currently trading at the level of 47.45.RSI curve is yet to cross the halfway mark of 50. Once the token price bounces off the demand zone, the RSI curve can be seen moving upward crossing the halfway mark of 50, supporting the trend of the 1INCH token. The RSI curve has also crossed the 14 SMA upwards indicating upwards movement. If the token falls below the demand zone, the RSI curve can be seen falling further.
Moving Average Convergence Divergence: The MACD indicator is positive as the token price fell. As seen on the chart, the token price broke the important supply zone in a lower time frame and as a result the MACD indicator also gave a positive crossover. The blue line crossed the orange line on the upside. If the token price falls further the MACD lines can be seen triggering the negative crossover.
CONCLUSION: The 1INCH token price is bearish as seen in a larger time frame. Price action suggests the same, but on a daily time frame, the token is still in bullish mode. The technical parameters are bullish as the token price broke the important supply zone. It remains to see if the 1INCH token price will bounce off the breakout zone or fails to do so and break further below.
SUPPORT: $0.600 and $0.650
RESISTANCE: $0.780 and $0.820
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
