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- 1 1inch Network crypto price made an upside thrust after a short accumulation between the 50 and 200-Day EMA.
- 2 1INCH price reclaimed the bullish territory after a short struggle between the bulls and bears.
The 1INCh crypto made a breakout above the 50-Day EMA on the upper side indicating the end of a short term correction phase. Yesterday, the crypto struggled to gain traction near the 50-Day EMA and formed a doji candlestick pattern over the daily chart.
Moreover, the crypto witnessed a consolidation of over two weeks near the 200-Day EMA. The price was stuck in a range with a 50-Day EMA working as a resistance and 200-Day EMA as a support.
On Friday, the buyers emerged with more volume triggering a breakout from a short-term correction phase with good volume. The breakout shows buyer intention to reclaim higher levels.
At the time of writing, 1INCh was trading at $0.421 recording a positive intraday development of 0.13%. The 1INCh token has a live market capitalization of $480.385 Million and ranks 114th among all the cryptocurrencies. It had a 24-hour trading volume of $26.988 Million with an intraday increment of 11.36%.
1inch Network Trend Analysis
The daily chart shows that 1inch Network Crypto has consistently maintained a positive outlook in recent months. The crypto has traversed all the way rising from a low of $0.25 in October to a high of $0.55 in January, almost doubling its value.
Moreover, the crypto experienced a short term correction phase in the last couple of weeks and dropped below the 20 and 50-Day EMAs. However, the buyers established their presence near the 200-Day EMA and the downfall stopped.
Currently, the crypto is experiencing a breakout of the range formed between the 50 and 200-Day EMAs.Fresh upside moves may be observed if the crypto sustains the breakout.
At the time of writing, the RSI line was placed at 54.13 points and that of the SMA line was at 47.36 points. RSI has made a bullish crossover of the SMA line suggesting a positive outlook in the short term.
1inch Network Price Prediction for February 2024
The positive view of analysts predicts an upside potential of nearly 15.7% in February 2024, if the breakout of the 50-Day EMA is sustained. It could take the 1INCh token price near the recent swing high at $0.486.
On the other hand, the bearish view of analysts predicts that the price could drop to the $9 and $8 level after the breakdown of 200-Day EMA.
1inch Network Price Prediction for 2024
The price prediction for 2024 shows that the 1INCh token may advance to a high of $0.703 by the end of 2024. The less optimistic analysts estimate a price target of $0.582 by the end of the year.
1inch Network Price Prediction for 2025
Over the next two years, The 1INCh price may hit the $1 mark, suggesting an upside potential of 137.93% by 2025. The pessimistic view is that the price could reach $0.72 by the end of the financial year 2025.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
