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ThecoinrepublicCryptocurrency1 INCH Price Analysis: Will 1 INCH...
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1 INCH Price Analysis: Will 1 INCH Breach Its Last Defence?

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The price of 1 INCH recently saw a surge in selling pressure within the last few weeks. Presently the price is trading below the 200 EMA; observing a sharp decline of 11%. if the buyers fail to defend the price at the recent support zone it can see a severe depreciation in its value. Investors may remain sceptical regarding a bullish reversal as there is a significant presence of the sellers in the price action.

The technical indicator favors the bears, the 1 INCH price is currently trading below the major EMA and MA levels. Though the oscillators are steadily reaching the oversold levels on the daily timeframe. The RSI and stochastic RSI indicators are moving in the same direction which presents a bullish perspective regarding the future trend.

The current value of the 1 INCH token is $0.366 and it has a market cap of $303.51 Million.

1 INCH Price Sees a Positive Appreciation in the Investor Sentiments

1 INCH Price Analysis: Will 1 INCH Breach Its Last Defence?
Source:  1 INCH/USDT by LunarCrush 

The sentiments of the investors are seeing a negative appreciation. The total bearish sentiments of the buyers have increased by 24.46% whereas the 24h Volume has surged by 31% indicating an increase in the trading activity between the buyers and sellers within the past few weeks.

The price is reflecting the sentiments of the buyers in the price action according to the metrics provided by the LunarCrush platform.

Technical Analysis (1-day timeframe )

1 INCH Price Analysis: Will 1 INCH Breach Its Last Defence?
Source:  1 INCH/USDT by TradingView

The 1 INCH price is currently trading below all the major 20/50/100/200 EMA levels after failing to breach it near mid-April.

The present resistance level for 1 INCH is around $0.500, its next major barrier level is around the price of $0.600. It is presently trading near its major support level around the price of $0.300 which may prove to be its last line of defence.

The RSI line is moving near its oversold levels on the daily timeframe. The RSI line is currently trading at 28.82 points near the demand zone and it may soon give a positive crossover to the 14 SMA line which is moving just above it near 34.04 points.

Conclusion

According to the analysis, the 1 INCH price is in a perilous situation. The sentiments of the investors regarding the 1 INCH price are taking a bearish turn but this might prove to be jeopardous for the 1 INCH token. The RSI line is also supporting the price action moving towards the oversold levels.

Technical levels –

Support – $0.300  

Resistance –  $0.500 and $0.600

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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