- 1inch Network price analysis is bearish today
- Support tested at $0.3738, price likely to decline further
- A bearish momentum saw the 1INCH coin tap a $0.3811 intra-day low
1inch Network price analysis shows a bearish trend for the cryptocurrency as the bears have been at the winning edge for the last 24 hours. The value of 1INCH/USD has dropped to $0.3811 as a result of the market being in a bearish momentum. In the past 24 hours, the price of 1INCH/USD has dropped by 0.41 percent. 1INCH prices, which have been stabilizing near this level for the previous few hours, found support at the $0.3738 level and resistance at $0.3828. Further decrease in coin value can be expected if the bears remain consistent.
The 24-hour 1inch Network price analysis shows a downward trend for the market as the selling momentum remained high during the day. The bears have successfully tackled unfavorable circumstances as the bullish current has been disrupted. The 1INCH/USD pair is trading hands at $0.3811 at the time of writing as the bears are leading the price function, the 1INCH shows a decrease in value by 0.41 percent over the last 24 hours. The trading volume decreased by over 6.56 percent and is currently at $13,605,648 and the market capitalization for 1INCH/USD pair is trading at $297,587,179.
On the technical front, the Relative Strength Index score is at 27.19, which indicates that the selling pressure is at a high level. A rise in volatility is indicated by the Bollinger band indicator’s bands, which are observed to be diverging. The upper Bollinger band value is now $ 0.51, whereas the lower Bollinger band value is at $0.37. On the other hand, the Moving Average Convergence Divergence (MACD) indicator is in the red zone, with the MACD line below the signal line. This shows strong bearish action.
The hourly 1INCH shows that although the price breakout was higher at the beginning of the trading day, the price function had already swung lower four hours earlier. The price trend was lower yesterday, and today it appears to be going in a neutral direction. Furthermore, the short-term trending line is also moving in a bearish direction now. On the other hand, the moving average (MA) value is presently at $0.41, which is relatively close to the 1inch Network current value of $0.3811.
The overall sentiment for 1INCH/USD shows that by following one-day and four-hour 1INCH Network price analysis, the price will drop today as a result of the unfavorable market conditions. The bears have been successful in bringing the price down to the $0.3811 range despite their struggles to sustain high momentum.
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