1INCH token price analysis: Price structure scare off the bulls

1INCH token price is in a strong uptrend and the recent fall in the market seems to have affected the token price.
At present, on a daily time scale, the 1INCH token price is forming a flag and pole pattern.
The pair of 1INCH/BTC is trading at the price level of 0.0000229 with a decrease of 2.34 %in the last 24 hours.

1INCH token price as per the price movement is indicating bullishness. The recent fall has led to investors worrying about the token price. However, it has formed a bullish continuation chart pattern. It remains to see if it will break out or fall.

1inch token price develops doubts among bulls

The 1INCH token price is on a rise and has managed to reach the long term supply zone on a weekly time frame. If the token prices manage to surpass the supply zone then it can show a strong steep move. As of now, the token price is forming a higher high and higher low formation on a daily time frame. Recent bullish love led to the breakout of the 50 and 100 Moving Averages. If it manages to sustain above these MAs then it can be seen as acting as a strong demand zone.

At present, the 1INCH token price is trading at the middle of the Bollinger band indicator. Previously the token price was trading at the lower band of the Bollinger band indicator after a strong bullish move it reached the upper band but was not able to sustain at the top band. However, the volumes have increased and if the 1INCH token price goes past the supply zone then the volumes can be seen rising, supporting the trend.

1inch token price forms a flag and pole pattern on a daily time frame

The 1INCH token price has managed to sustain the long term supply zone. The MACD indicator triggered a positive crossover as soon as it bounced off the demand zone. The blue line crossed the orange line on the upside. Despite the recent fall the MACD lines are still positively transacting indicating no effect of the recent brief.

As of now, the ADX curve is trading at the level of 31.03. This comes after the token price crossed the short-term supply zone which led to the ADX curve dipping out of the 25 levels. Moving forward, if the token price surpasses the supply zone, the ADX curve can be seen rising to the mark of 50 supporting the trend.

Supertrend indicators like other indicators have also given positive signals. Previously, the token price was facing strong resistance from the super-trend sell line but recent bullishness led to the break out of the super-trend buy line. Moving upwards this line can be seen acting as a strong demand zone.

Conclusion: As the token price manages to sustain the recent fall as it shows only a brief fall compared to the overall cryptocurrency market. Possibility of moving upwards strongly with a strong bullish momentum has increased as the technical parameters indicate a bullish momentum. It remains to see if the token price will surpass the supply zone or fall from the supply zone facing a strong pressure from the bears.

Support: $0.490 and $0.480

Resistance: $0.570 and $0.610

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 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 his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing