- For the past few weeks the token is consolidating in range.
- Bears continue to dominate the trend.
- The pair of 1INCH/USDT is trading at the price level of $0.396 with no change in the past 24 hours.
1INCH has dropped below the demand zone and is in a long-term downtrend, with lower highs and lower lows. Unfavorable conditions in the cryptocurrency currency market, as well as growing inflation and changes in the United States’ monetary policy, had an impact on token price.
1INCH consolidating on daily time frame
As we can see on the daily chart, 1INCH token is currently trading at $0.396. Token is now trading below its key Moving Averages (50 and 200). (Red line is 50 EMA and the blue line is 200 EMA). Token is constantly facing strong resistance near 50 EMA and now it is consolidating below 50 EMA for the past few weeks. The longer the consolidation, the stronger the breakout.
Relative Strength Index: The asset’s RSI curve is currently trading at 44.67, approaching the halfway point of 50. The RSI curve has crossed above the 14 SMA, indicating bullishness. As the token is consolidating in a range, but the indicator is indicating bullish strength, we may see an upward breakout of the consolidation.
Analyst view & Expectations
Bears were pushing down the price of the token when it breached through the demand zone, and it has now reached a halt and is consolidating in a range. The RSI indicator is indicating bullish strength, but this is not guarantee that the breakout will only be in the upward direction. Investors should avoid taking early trades and instead wait for more confirmation of the trend. Intraday traders, on the other hand, have an excellent opportunity to trade after the consolidation’s breakout.
According to our current 1inch Network Token price prediction, the value of 1inch Network Token is expected to fall by -1.85% over the next several days, reaching $ 0.388. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 25. (Extreme Fear). Over the last 30 days, 1inch Network Token had 13/30 (43%) green days and 5.34% price volatility. According to our 1inch Network Token forecast, now is not the moment to buy 1inch Network Token.
Technical Levels
Major support: $0.372
Major resistance: $0.406
Conclusion
The 1INCH token price is trading below the demand zone on a daily time frame. After a sharp fall in the token’s price it is consolidating below the 50 EMA. Investors are advised to wait for clear indication and then act accordingly.
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/2023/01/08/1inch-price-analysis-token-is-consolidating-below-50-ema-breakout-soon/