1Inch price prediction showcases the sudden spike of 1INCH crypto and has declined today with 5.46% over the charts. This sudden changes in the trading volume as whales accumulated to push the 1INCH price upwards. However, it looks like whales are cashing out from the trade and 1INCH crypto is falling rapidly over the daily time frame chart. Investors in 1INCH crypto need to wait for any directional change over the daily chart.
1INCH price was at $0.380 and has lost 5.71% of its market capitalization during the day’s trading session. Trading volume has decreased by 50% during the intraday trading session. This demonstrates that sellers are accumulating to short 1INCh cryptocurrency and pull 1INCH crypto price down. Volume to market cap ratio was at 0.9216.
1INCH Price Prediction: Technical Analysis
1Inch price chart shows the sudden spike and a dip of 1INCH crypto price over the daily time frame chart. Whales pushed 1INCH crypto price upwards yesterday and are getting distributed now which is the reason why 1INCH crypto has lost around 5.96% today. Meanwhile, 1INCH crypto is at 100-days DMA above 20 and 50-EMAs to surge towards 200-days Daily Moving Average.
1Inch price has gained around 24.26% in a week and 36.82% in a month. However, 1Inch crypto has slipped around 33.63% in the last three months and by around 15.02% in the last six months. Moreover, 1Inch crypto has lost 1.30% year to date.
Technical indicators suggest 1Inch cryptocurrency has downtrend momentum. Relative strength index showcases the downside trend of 1Inch crypto. RSI was at 58 and is heading towards neutrality.
MACD exhibits the sustainability issues of 1Inch cryptocurrency. The MACD line is trying to sustain above the signal line over the daily time frame chart. Investors in 1Inch crypto need to wait for any directional change over the daily time frame chart.
Summary
The quick increase in 1INCH cryptocurrency is reflected by 1Inch price prediction, which has dropped today by 5.96% overall. 1INCH cryptocurrency is advancing towards the 200-day Daily Moving Average while trading around 100-days DMA above the 20 and 50-EMAs. Whales raised the price of the 1INCH cryptocurrency yesterday, and they are currently being distributed. The price of one inch rose by about 24.26% in a week and 36.82% in a month. Technical indicators highlight the momentum of the 1-inch cryptocurrency downturn. Investors in 1Inch cryptocurrency must watch the daily time frame chart for any directional changes.
Technical Levels
- Support Levels: $0.369 and $30.00
- Resistance Levels: $0.430 and $0.59
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 or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2023/07/18/1inch-price-prediction-why-1inch-crypto-gained-yesterday/