Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
1 INCH Network (1 INCH) has a fully diluted valuation (FDV) of $453,243,652, according to the crypto data and information website Coingecko. This is a hypothetical market cap, assuming all 1.5 Billion 1 INCH tokens are circulating today. However, the actual FDV may take years to reach, depending on how the 1 INCH tokens are distributed over time.
As per Coinmarketcap, 1 INCH Crypto plummeted by 0.90% in market value and by 17.56% in trading volume in the last 24 hours. Its market value is $311,411,058 and its trading volume is $25,694,652. There are 1,027,531,219 1 INCH in circulation.
1 INCH coin’s (1 INCH) open interest is $32.68 Million. As per Coinglass, another crypto analysis website, it fell by 1.19% in the previous session. The long versus short ratio for 24 hours is 0.9354. The total number of short positions added in the last 24 hours is $2.95 K against longs of $99.14 K.
1 INCH Coin Price Technical Analysis in the 1-Day Timeframe
1 INCH coin price has been on a downward trend for the past month, decreasing by 27.19% during this period. At the time of publication, 1 INCH Coin price is trading at $0.30339, and a bearish pattern which is head and shoulder is anticipated and it might give a breakdown from the pattern neckline as more selling volume adds up.
Therefore, the 1 INCH coin price could continue to move downwards and reach the first and second targets of $0.24078 and $0.16283. if it fails to maintain the current level. However, if the 1 INCH Coin price sustains the current level and rises, then it might hit the nearest resistance levels of $0.466075 and $0.55149.
At the time of publishing, the 1 INCH coin price (BITFINEX: 1 INCH) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving averages), which are rejecting the 1 INCH coin price trend. Hence, 1 INCH coin price prediction estimates the prices to move downwards indicating a bearish outlook over the daily time frame chart for its price.
The MACD line at 0.0064 and the signal line at 0.0053 is below the zero line and gave a bearish crossover, suggesting bearish signals. The current value of RSI is 42.70 points and the 14-day SMA is below the median line at 44.91 points, which indicates a downward direction and bearish sentiments in the market for the 1 INCH coin.
Conclusion
1 INCH coin price prediction highlights the bearish sentiments and perspectives of investors and traders in the daily time frame. 1 INCH price action reflects a pessimistic view at the time of publishing. Moreover, the technical parameters of 1 INCH price suggest the continuation of the downtrend over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, provide negative signals regarding 1 INCH coin price.
Technical Levels:
- Support levels: The nearest support levels are $0.24078 and $0.16283.
- Resistance levels: The nearest resistance levels are $0.466075 and $0.55149.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/08/1-inch-coin-price-prediction-2023-will-1-inch-descend-further/