1INCH Technical Analysis
Key Insights
- In 2023, 1INCH experienced significant price fluctuations, with a remarkable 92% increase followed by a 40% loss.
- Over the last 60 days, 1INCH has been in a consolidation phase, with trading volumes below the Point of Control level.
- The key resistance level is at $0.3142. A successful breakthrough could lead to further price growth and interest from investors, potentially strengthening the overall trend.
1INCH currently holds the 102nd position on CoinMarketCap with a market cap of $262.93 million.
1INCH Daily Timeframe
Since the beginning of 2023, this asset has demonstrated a consistent upward trend, increasing its price from $0.3638 to $0.6999, representing a growth of over 92%. However, a significant correction followed, resulting in a price drop to $0.4106, which amounted to more than a 40% loss.
Subsequently, the coin attempted a recovery but failed to reach new local highs and began moving downward, forming a local descending trend. At present, the price of this cryptocurrency stands at $0.2512, nearing its historical low.
1INCH Price Prediction
Over the last 60 days, the cryptocurrency has been in a consolidation phase, trading below the Point of Control volume level. This suggests a lack of clear dominance by either sellers or buyers during this period.
After a prolonged accumulation phase, a descending movement is observed, which may even lead to a new historical price minimum. However, after this phase, a reversal is likely to occur, and the price will start moving upward towards the POC volume level, situated at a price of $0.3142.
Overcoming this level may prove to be a challenge for buyers as it represents resistance to the price movement.
In the event of a successful breakthrough and subsequent testing of this level, it paves the way for further price growth, with the next target potentially being $0.3647. This level may be of interest to investors, and surpassing it could strengthen the trend.
Furthermore, new price targets may emerge, such as $0.5961 and $0.6999. These levels represent potential points towards which the price may move.
Users can get 1INCH for fiat or crypto on SimpleSwap.
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