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- 1inch crypto prices had recovered 16% approx from the recent lows at $0.371 and rising upward while forming higher high candles
- 1inch network prices had formed a double bottom reversal pattern and bulls are attempting to breakout the 50 day EMA
1inch Network token price is trading the mild bullish cues and buyers are trying to reverse the trend in the favor of bulls. However the confirmation is still awaited. Currently, The pair of 1INCH/USDT is trading at $0.430 with the intraday gains of 1.90% and 24 hour volume to market ratio stood at 0.1178
Will the bulls be able to trade above 50 day EMA ?
On a daily time frame, the 1inch network prices are in downtrend and continuously
falling down by forming lower low swings.In December prices broke down its important support level at $0.53 which triggered more negative sentiment and prices hit $0.365. Later, after a little bit of consolidation at lower levels bulls gained some momentum and prices recovered 16% approx from the recent lows and attempting to breakout of the 50 day EMA hurdle at $0.438
As of now, prices are forming a double bottom bullish pattern but the confirmation of trend reversal will come when bulls are able to trade above 50 day EMA in coming sessions. The previous breakdown level at $0.503 will act as an immediate hurdle for bulls followed by next at $0.656. On the lower side $0.364 will act as a savior for bullish traders. The MACD has generated positive crossover indicating bullish momentum may continue in coming days and the RSI at 58 sloping upwards denotes strength and confidence of buyers at lower levels.
Will the short term trend may work in the favor of bulls ?
On a lower time frame, 1inch prices look quite stable and stuck in the narrow range but recently some responsive buyers took the initiative and pushed the prices higher with a more than average volume which has created a positive hope for 1inch investors. The super trend indicator had also generated buy signal indicating short term trend may work in the favor of bulls. However, if prices slipped below $0.380 the trend reversal will become doubtful.
Summary
After analyzing the 1inch crypto prices with the technical indicators the prices seem to be in the initial phase of reversal but the confirmation will come when bulls will be able to sustain above 50 day EMA. Therefore, aggressive traders might take the risk and look for buying opportunities for the target of $0.500 and above levels by keeping $0.380 as SL. However, if prices slipped below $0.364 bears may try to drag the prices further down towards $0.300 levels.
Technical levels
Resistance levels : $0.500 and $0.656
Support levels : $0.364 and $0.300
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
