The 1INCH coin has not performed well in the last month, decreasing by 5.80% and plummeting by 42.31% in the last six months. 1inch Network (BITFINEX: 1INCH) coin has a negative year-to-date return of 20.42% and a negative one-year return of 64.24%.
1inch Network crypto plummeted by 0.72% in market value and plummeted by 11.65% in trading volume in the last 24 hours, as per the CoinMarketCap, a crypto data analysis website. Its market value is $315,436,154 and its trading volume is $11,949,100. There are 1,028,487,602 1INCH in circulation.
1inch coin’s (1INCH) open interest is $32.68 Million. As per Coinglass, another crypto analysis website, it fell by 3.36% in the previous session. The long versus short ratio for 24 hours is 0.9175. The short liquidation is $4.73K versus $99.82K for the long liquidation.
1INCH Coin Price Technical Analysis in the 1-Day Timeframe
1INCH coin price showed a downward trend for the past six months, decreasing by 42.31% during this period.
At the time of publication, the 1INCH Coin price is trading at $0.3069, and the price is trying to form a bearish pattern which is head and shoulder. If more selling volume adds, then breakdown might drag the price towards new lows.
Therefore, the 1INCH coin price could continue to move downwards and reach the nearest support at $0.2407 and $0.1628, if it fails to maintain the current level.
However, if the 1INCH coin price sustains the current level and rises, then it might hit the nearest resistance levels of $0.4660 and $0.5514.
At the time of publishing, the 1INCH coin price (BITFINEX: 1INCH) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving averages), which are rejecting the 1INCH coin price trend.
Hence, 1INCH coin price prediction estimates the prices to move upwards, indicating a bearish outlook over the daily time frame chart for its price.
The MACD line at 0.05 and the signal line at 0.05 is above the zero line. Both lines closed down to each other, showing no crossover to be observed in the MACD oscillator, suggesting consolidation to bearish signals. The current value of the RSI is 44.58 points and the 14-day SMA is below the median line at 45.12 points, which indicates bearish sentiments as RSI took rejection on the 14 SMA line and headed for the oversold zone in the market for the 1INCH Crypto and highlighting bearishness.
Conclusion
1INCH coin price prediction highlights the bearish sentiments and perspectives of investors and traders regarding the 1INCH crypto in the daily time frame. 1inch price action highlights a bearish view at the time of publishing. Moreover, the technical parameters of the 1inch price suggest the continuation of the downtrend over the daily time frame chart. Major trustworthy indicators like MACD, RSI, and EMA provide negative signals regarding the 1INCH crypto price.
Technical Levels
- Support levels: The nearest support levels are $0.2407 and $0.1628.
- Resistance levels: The nearest resistance levels are $0.4660 and $0.5514.
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/2023/08/12/1inch-price-prediction-2023-can-1inch-coin-break-down-soon/