- 1INCH saw its price increase by more than 12% to trade at $0.3723 at press time.
- The crypto’s 24-hour success pushed its weekly performance further into the green to +21.99%.
- At press time, the altcoin was looking to challenge the resistance at $0.3756.
The crypto market tracking website, CoinMarketCap, indicated that 1inch Network (1INCH) saw a more than 12% price increase, despite the fact that the majority of cryptos were trading in the red. In addition, the total crypto market cap decreased by 0.26% over the past 24 hours of trading, which left it standing at $1.21 trillion.
At press time, 1INCH was trading hands at $0.3723. This meant that the altcoin was trading much closer to its daily high of $0.3787 than its 24-hour low of $0.3331. Furthermore, 1INCH’s 24-hour trading volume skyrocketed by more than 300% throughout the past day. As a result, the crypto’s volume stood at approximately $89,3996,453.
1INCH’s success over the past 24 hours boosted its weekly performance even further into the green to +21.99%. In addition, the altcoin’s monthly performance was also up by more than 40%.
1INCH broke above the resistance levels at $0.3375 and $0.3539 over the past 24 hours, and flipped the two levels into support as well. At press time, the altcoin was looking to challenge the next resistance at $0.3756. However, bears were asserting their dominance and defending the key price point.
Traders and investors will want to take note of a short-term bearish candlestick pattern that had formed on 1INCH’s 3-hour chart over the past 3 hours. A bearish hammer pattern had formed during this period, which suggested that the altcoin’s price was approaching a price top. If this bearish candlestick is validated, 1INCH’s price may drop in the coming 6-12 hours.
On the other hand, if the bearish candlestick is not validated, then 1INCH’s price may flip the resistance at $0.3756 resistance into support and may break above $0.3987 in the next 24 hours. A confirmation of this bullish thesis will be if the crypto’s price closes a 3-hour candle above $0.3756 in the upcoming 24 hours.
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