03 June 2023 01:30, UTC
Reading time: ~3 m
- 1 1-inch price taking trading under the 200 EMA after failing to breach it
- 2 1-inch price is predicted to see a further decline in the near future
The price of 1 INCH recently saw a surge in selling pressure within the last few weeks. Presently the price is trading below the 200 EMA; observing a sharp decline of 11%. if the buyers fail to defend the price at the recent support zone it can see a severe depreciation in its value. Investors may remain sceptical regarding a bullish reversal as there is a significant presence of the sellers in the price action.
The technical indicator favors the bears, the 1 INCH price is currently trading below the major EMA and MA levels. Though the oscillators are steadily reaching the oversold levels on the daily timeframe. The RSI and stochastic RSI indicators are moving in the same direction which presents a bullish perspective regarding the future trend.
The current value of the 1 INCH token is $0.366 and it has a market cap of $303.51 Million.
1 INCH Price Sees a Positive Appreciation in the Investor Sentiments
The sentiments of the investors are seeing a negative appreciation. The total bearish sentiments of the buyers have increased by 24.46% whereas the 24h Volume has surged by 31% indicating an increase in the trading activity between the buyers and sellers within the past few weeks.
The price is reflecting the sentiments of the buyers in the price action according to the metrics provided by the LunarCrush platform.
Technical Analysis (1-day timeframe )
The 1 INCH price is currently trading below all the major 20/50/100/200 EMA levels after failing to breach it near mid-April.
The present resistance level for 1 INCH is around $0.500, its next major barrier level is around the price of $0.600. It is presently trading near its major support level around the price of $0.300 which may prove to be its last line of defence.
The RSI line is moving near its oversold levels on the daily timeframe. The RSI line is currently trading at 28.82 points near the demand zone and it may soon give a positive crossover to the 14 SMA line which is moving just above it near 34.04 points.
According to the analysis, the 1 INCH price is in a perilous situation. The sentiments of the investors regarding the 1 INCH price are taking a bearish turn but this might prove to be jeopardous for the 1 INCH token. The RSI line is also supporting the price action moving towards the oversold levels.
Technical levels –
Support – $0.300
Resistance – $0.500 and $0.600
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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