1INCH Technical Analysis: Wait for Breaking of First Resistance Level of $5.60


1Inch is a DeFi aggregator that displays the best liquidity, slippage, and exchange rates across the Ethereum blockchain and Binance smart chain. It also provides a robust platform for building decentralized apps and smart contracts. 1INCH is the prime governance token of this network and the technical analysis is as follows:

Past Trends

On April 22, 2021, 1INCH started trading at $5.02. On April 28, 2021, 1INCH closed at $5.55. Thus, in the past week, the 1INCH price has surged by roughly 11%. In the last 24 hours, 1INCH has traded between $5.40-$5.62.

https://s3.tradingview.com/snapshots/s/sGYC1uj6.png

https://s3.tradingview.com/snapshots/s/sGYC1uj6.png

Day-Ahead and Tomorrow

Currently, 1INCH is trading at $5.47. The price has decreased from the day’s opening price of $5.55. Thus, the market seems to be downtick.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is negative. Hence, we can expect the price to decline further.

The A/D indicator is falling. Thus, whale distributions are higher than whale accumulations. Hence, the A/D indicator is giving further credence to the bearish signals given by the MACD oscillator.

Currently, the RSI indicator is at 57%. It faced rejection at 42% and started rising thereafter. Thus, buying pressures are slowly building up.

Hence, when we look at the RSI indicator in conjunction with the other indicators, we can say that as of now the 1INCH price will continue to drop but in some time it may start rising as buying volumes surpass selling volumes.

 1INCH Technical Analysis

As per technical analysis, currently, the price is above the Fibonacci pivot point of $5.52. It is inching closer to the first resistance level of $5.60. If the price breaks out of this level, then probably the bulls are slowly gaining strength.

Currently, the price has tested and fallen below the 23.6% FIB retracement level of $5.57. As most of the oscillators have given negative signals, we can expect the price to soon fall below the 38.2% FIB retracement level of $5.54. By day end, if the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price upswing may continue tomorrow.

 
 



error: Content is protected