- The token has shown bullish actions in the previous sessions.
- 1inch token is trading above the demand zone on the daily time frame.
The token has shown recovery in the price and has bounced off strongly in the past few weeks. The trend has reversed in the favor of bulls and are driving up the price of the token.
1inch token on the daily chart
The token after taking support on the 50 EMA has bounced off strongly on the daily time frame. As we can see on the daily chart, the 1inch token is currently trading at $0.589 with a gain of 4.06% in the past 24 hours. The token has crossed and sustained above the 50 EMA, and it is currently trading between its key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The bullish momentum is expected to continue in the coming days.
Relative Strength Index:The asset’s RSI curve is currently trading at 71.10, suggesting that it is in a strong overbought zone. As the token price has risen, as well has the value of the RSI curve. The 14 SMA has been crossed by the RSI curve, indicating that the token is bullish. If the token’s price rises further, the RSI curve will remain in the overbought zone.
Analyst view & Expectations
On the daily time frame, the token has broken and sustained above the demand zone, and it has begun a short term uptrend. Investors who want to buy now can do as the token is now trading in an uptrend, which is expected to continue in the coming days. Intraday traders, on the other hand, have a good opportunity to go long and book profits based on their risk to reward ratio.
According to our current 1inch Network Token price prediction, the value of 1inch Network Token is expected to climb by 7.72% in the next few days, reaching $ 0.634731. Our technical indicators indicate that the current sentiment is bullish, with the Fear & Greed Index reading 58. (Greed). Over the last 30 days, 1inch Network Token had 22/30 (73%) green days and 10.35% price volatility. According to our 1inch Network Token forecast, now is a good time to buy 1inch Network Token.
Technical Levels
Major support: $0.548
Major resistance: $0.654 & 200 EMA on the daily chart
Conclusion
The bulls are looking strong and the bears are not able to stop them. The token is forming a bullish chart pattern as per the price action. Investors who want to buy now can do so by keeping a stop loss and managing their risk to reward ratio.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/05/1inch-price-analysis-is-the-token-ready-to-hit-0-654-level/