The pair of 1INCH/BTC was trading at 0.000009476 BTC with a rise of 0.19% over the intraday trading session.
1inch Network price analysis suggests that it is currently in a downtrend. After the start of 2022, the token was declining below its 20-Day EMA which can be seen over the daily trading chart. This indicates that the sellers have been dominating the market since the start of 2022. After March 2022 the token again began rising with the support of buyers which indicates that the buyers became active in the market during that time of the year. But after making its new 52-week high in April 2022 sellers became hyper-active in the market which caused a steep decline in the value of the token as can be seen over the daily trading chart. Buyers tried to keep the token above its primary resistance but after November 2022 the sellers became active again in the market pushing the token below its primary support of $0.480.
Because of the seller’s heavy pressure in the market, the token made its new 52-week low near the end of the year. After the start of 2023, the token again started moving upwards with the support of buyers breaking its primary support and resistance on its way up. But after reaching its secondary resistance of $0.7221 sellers pushed the toke below its primary resistance which resulted in its downtrend.
The volume of the coin has increased by 29.50% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is no relationship between volume and the price of 1INCH, which represents a weakness in the current bearish phase and a possible reversal.
1inch Network Price Technical analysis:
RSI is entering the extreme oversold zone and is shown a negative crossover which indicates that the sellers are coming in the majority and pushing 1INCH downwards. This suggests the strength of the current bearish trend. The current value of RSI is 30.13 which is below the average RSI value of 43.56.
The MACD and the signal line are decreasing but not showing any definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
1inch Network price analysis suggests that it is currently in a downtrend. Near the end of the year, the token made its new 52-week low. After the start of 2023, the token again started moving upwards with the support of buyers breaking its primary support and resistance on its way up. The increase in volume shows positive market sentiment towards the token. RSI is entering the extreme oversold zone and is showing a negative crossover and MACD is also decreasing over the daily chart which shows strength in the current bearish trend, as per the technical indicators.
Technical Levels-
Resistance level- $0.582 and $0.7221
Support level- $0.48008 and $0.3590
