1INCH price prediction suggests this crypto might perform well and display a massive breakout. Buyers are attempting to break the $0.5000 barrier to push the price higher to new swing highs. If they succeed then the next phase of the rally might trigger which will reward the investors in the long run.
1inch Network price is forming a bullish pattern on the daily time frame chart. The bulls are active and bounced on minor dips. However, the sellers in the supply zone are no less, they are successfully defending the upper boundary and restricting the jump.
The chart pattern of 1INCH crypto is strong and slow and steady bulls are expected to take control over the supply zone.
The 50-Day and 200-Day EMAs are sloping upwards and acting as a good support for bulls. It showcases that the trend is in an upward direction. So, any short term retracement toward the support will have a high probability reversing.
Currently, 1INCH price is trading at $0.4524 with an intraday drop of 2.73%. In the last 24 hours, the volume to market cap ratio was $0.2987.
1INCH Price Hold the Dec 2023 Gains, Despite Sharp Fall in Overall Market
1INCH price is quite volatile which shows that speculators are actively participating in day to day trading. Due to this, the possibility of a fake break-out is substantially high. Therefore, investors need to properly calculate their risk before creating any position in 1inch Network.
The overall crypto market witnessed a mild drop which impacted many leading cryptos. But 1INCH still holds the December 2023 gains which indicates the big investors are highly bullish and don’t have any plan to offload.
The analysis suggests that the uptrend may continue in 1INCH so investors should keep this crypto in their watchlist.
What if 1inch Network Price Faces Rejection?
The next directional move in 1inch Network price will be visible when buyers are able to break out of the $0.5472 hurdle. Till then, this coin may spend time in a narrow range consolidation phase.
However, if the situation gets reversed and the price faces rejection from $0.5000 level. then the price is likely to retrace back to the 50-Day EMA.
The MACD curve is losing the positive momentum which is a sign that the price might enter a consolidation phase. The RSI at 57 cooling off from the overbought territory. It denotes price is near to the neutral zone and fresh buyers are welcome.
Conclusion
1INCH price prediction is still bullish for the current month and suggests it may hit new highs. If the buyers take control over the $0.5000 level, then new participants may enter and take the price to $1.00.
Technical levels
- Resistance Levels: $0.5472 and $0.6988
- Support Levels: $0.3597 and $0.3195
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2024/01/07/1inch-price-getting-ready-for-breakout-will-it-fly-to-1/