- 1Inch price analysis is bearish today.
- The price resistance against the 1INCH/USDT pair is still firm at $3.2.
- The 2.54 USD support level presently supports the price.
The bulls have been fighting back lately, as the price found some momentum and is now approaching its all-time high. However, the bears are gaining ground again as analysts predicted a bearish market.. At the time of writing, the coin’s price was $2.8, which means this was a bearish day for 1Inch.
The main resistance is at $3.2, which has kept the price from falling for many weeks now. After breaking through the first support level of 2.85 USD and peaking at $3.2 before dropping again, implying that this might be a significant level in the future, the price exploded on February 5th after it broke through the support level at 3.51 USD.
If the resistance at 3.2 USD is breached, then it is likely that the price will continue to rise with an expected target of 5-6 USD. If this level is not breached within a couple of days, however, the bears might win – meaning that the market might be bearish for a while
At 2.95 USD, we have a psychological barrier, and if the price surpasses it again, momentum may pick up somewhat. However, if it fails to break through this resistance and falls below 3 USD, the coin is likely to fall to $2.64, the lowest support level currently available.
Increased trading volumes are one thing, but the coin’s price has remained stagnant for a long period. The price is unlikely to surge soon because of its low trading volume and general market slump.
1Inch Four-hour chart: Technical indicators turning bearish on the 4-hour chart
Despite the 4-hour chart technical indicators turning bullish, we can observe numerous consecutive red candles. According to the 1Inch price analysis, although the coin price is below the 50-day and 100-day Moving Averages, bulls are attempting to regain the 100-day Moving Average.
Furthermore, the Bollinger Bands indicate that the price movement is still in the lower part of the Bands, so a breakout from that level may be expected.
1Inch price analysis on the 4-hour chart by TradingView
The RSI readings indicate that the markets are in a bearish range, with a gradient of 0. A positive gradient indicates that the bulls are making a comeback, and higher prices may be expected in the near term.
On the 4-hour chart, both momentum indicators are in agreement. The RSI is significantly lower than the MACD, suggesting that the MACD line is near or overlapping with the signal line. This implies that we will see a bullish divergence if the blue line rises above the orange or signal line on the 4-hour chart.
1Inch Price Analysis: Conclusion
The bulls are attempting to regain the 100-day moving average, which suggests that higher prices may be expected in the near term. However, the 1Inch price analysis indicates that if the 100-day moving average is not regained within a couple of days, there will be a bearish market soon.
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