The price action of the 1Inch crypto showed that selling pressure was noted on the charts and was in a downtrend, forming lower lows over the past few months. Moreover, due to declining investor interest, trading volume was below average.
Furthermore, the 1Inch showed a decline in user activity which also reacted as a negative sentiment for the crypto and led to bearishness in the charts.
The ongoing trend favors bears, and the crypto was also in a corrective phase, which made buyers cautious. Moreover, the 1Inch trades below the significant moving averages and tries to attain the 50-day EMA to hold the gains.
At the time of writing, the 1Inchprice is trading at $0.251 with an intraday drop of -3.46%, showing bearishness. Moreover, the intraday trading volume is $13.604 Million and the market cap is $259.474 Million.
Crypto has had a poor performance over the years. It gave negative returns of 34.64% and 53.94% in the span of 6 months. In the last 1 month, it gave a return of 2.45% and a negative return of 8.73% in the last seven days indicating a long bearish trend continuing till now.
Technical Analysis of 1Inch Crypto Price in 1-D Timeframe
At the time of publishing, 1Inch crypto (USD: 1Inch) is trading below the 50 and 200-day EMAs (Exponential moving averages), which do not support the price trend.
The current value of RSI is 45.10 points. The 14 SMA is above the median line at 53.45 points which indicates that the 1Inch crypto is bearish.
The MACD line at 0.000 and the signal line at 0.002 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the 1Inch crypto price.
4 Hour time frame Technical Evaluation
On the 4-hour charts, the 1Inch price is stuck in a narrow range and does not signal an upcoming rise because of low volume levels. Moreover, a key indicator is still in the neutral range and does not signal bullishness.
The RSI curve is near 50, in the neutral range, and showed a narrow consolidation move on the short-term charts. The MACD indicator still showed green bars on the histogram with a bullish crossover but did not signal any substantial upswing.
Summary
1Inch (USD: 1Inch) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the 1-inch crypto price. 1InchPrice action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
Resistance Levels: $0.285 and $0.348
Support Levels: $0.221 and $0.200.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/10/1inch-crypto-forecast-will-1inch-change-the-game-in-sep-2023/