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- 1 1 inch rise to $0.7 has been coming to end and bears are taking over in the current situation
- 2 Technical indicators of 1 inch are favoring a downside trend.Meanwhile it has seen a drop of 1% in the intraday session
1inch Network is a decentralized platform which allows users to swap cryptocurrencies across multiple decentralized exchanges (DEXs) with the best rates possible. The platform is built on Ethereum and uses smart contracts to find and execute trades on DEXs like Uniswap, Kyber Network, and Balancer, among others.1inch Network has a unique feature called Pathfinder, which aggregates liquidity from multiple DEXs to find the best possible rates for users. This results in lower fees and better execution prices, making it a popular choice for traders and liquidity providers in the DeFi space.The governance token is called 1 INCH, which can be used to participate in decisions and earn rewards for staking. The 1INCH token has seen significant growth in value, reflecting the growing interest in DeFi and the 1inch Network platform
1 inch has a market cap of $484 Million and is ranked 90 th in the cryptoverse. Volume of the asset price has seen a drop of 46% in the intraday session. Volume to the market cap ratio of the 1 Inch suggests a consolidated trend in price.
1 INCH May Hit The Support
The weekly technical chart of the 1inch suggests a consolidated trend in price. It is forming a bearish candle which can push the asset price to a new high. On the daily chart it is trading near the value of $0.60 with a drop of 1.29% in the intraday session. Resistance of 1INCH can be seen near $1.Meanwhile the support of the asset price can be seen near $0.35.It is trading above the 50 and 100 Daily Moving Average.There can be a positive crossover which can push the asset price to a new high.
RSI of the 1inch is currently near 57 suggesting its presence in the neutral zone.There is a downside slope which can push the asset price to a new low.
Conclusion
1Inch is currently in a bearish trend and may hit the next support in the future. Various analysts are expecting a strong reversal in the near future.
Technical Levels
Major Support:$0.3
Major Resistance:$1
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
