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- Token has shown bullish actions in previous sessions.
- 1inch crosses 50 EMA with strong bullish momentum.
- The pair of 1INCH/USDT is trading at the price level of $0.490 with a decrease of -3.60% in the past 24 hours.
The 1inch token was consolidating below the 50 EMA and recently broke out in an upward direction with strong momentum with bulls reversing the trend. Over the last few days, the token has gained traction.
1inch on the daily chart
Token has broken out of the consolidation in a bullish direction. According to the daily chart, 1inch token is currently trading at $0.490, indicating a loss of -3.60% in the last 24 hours. It is now trading between its key Moving Averages of 50 and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). Although the token has shown upward momentum, it is still trading below the demand zone and is facing resistance.
Relative Strength Index: The asset’s RSI curve is currently trading at 66.45, indicating that it is in the overbought zone. The RSI curve has crossed above the 14 SMA, indicating bullishness. The rise in token price has increased the value of the RSI curve. On the daily time frame, a strong bearish candle has formed, and the value of the RSI curve has dropped.
Analyst view & Expectations
Token has shown bullish momentum in recent days, with bulls driving up the token’s price. It might be a pullback or retracement till the demand zone . Investors are advised to wait for the token to cross above the demand zone in order to gain a better view of the trend’s direction. Intraday traders, on the other hand, have a good opportunity to go long whenever the token breaks above the resistance level and book profits based on their risk-to-reward ratio.
According to our current 1inch Network Token price prediction, the value of 1inch Network Token is expected to climb by 4.74% in the next few days, reaching $ 0.504692. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 45. (Fear). Over the last 30 days, 1inch Network Token had 19/30 (63%) green days and 6.70% price volatility. According to our 1inch Network Token forecast, now is not the moment to buy 1inch Network Token.
Technical Levels
Major support: $0.406
Major resistance: $0.557
Conclusion
The token is gaining traction and showing bullish momentum, with the price forming a bullish chart pattern. Before investing, investors should wait for a clear indication.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the 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.
