The price of 1inch token (1INCH) experienced a significant drop of 16% after initially rising to highs of $0.59. The token quickly gave up its gains and traded at $0.36. This decline is in contrast to the surge in 1INCH’s market following Ripple’s partial win in its legal battle with the US Securities and Exchange Commission (SEC). Like XRP, 1inch was boosted by high trading volume on the South Korean exchange Upbit. However, 1INCH’s trading volume has since decreased, with the overall negative sentiment in the cryptocurrency market impacting its price.
1INCH Price Outlook: What’s Next?
The chart analysis for 1INCH indicates that the token may face further downward pressure. The daily Relative Strength Index (RSI) is nearing the equilibrium point, suggesting that bears could continue to dominate. Additionally, there is a risk of 1INCH retracing to the 50-day exponential moving average, which currently provides support around $0.34. On the upside, the token is encountering resistance at the 200-day Exponential Moving Average (EMA) around $0.45.
What caused the drop in 1INCH price?
The drop in the price of 1INCH can be attributed to the overall negative sentiment in the cryptocurrency market, with Bitcoin falling below $30k and Ethereum struggling near $1.9k. Additionally, the decline in trading volume on the Upbit exchange also contributed to the drop.
What factors boosted 1INCH price initially?
1INCH price was initially boosted by the significant trading volume on the South Korean exchange Upbit, similar to the surge in XRP’s price following Ripple’s legal victory.
What support and resistance levels should investors watch for?
Investors should observe the 50-day exponential moving average around $0.34 as a support level. On the upside, the 200-day Exponential Moving Average (EMA) at $0.45 is a significant resistance level for 1INCH.
What is the current trading volume for 1INCH?
The trading volume for 1INCH has declined from over $670 million to around $120 million in the past 24 hours.
Which cryptocurrency exchange is 1INCH primarily traded on?
The 1INCH token sees significant trading volume on the South Korean crypto exchange Upbit.
The price of 1inch token (1INCH) initially surged to $0.59 but quickly dropped to $0.36, resulting in a 16% decline. The decrease in price can be attributed to the negative sentiment in the overall cryptocurrency market and the decline in trading volume on the Upbit exchange. Chart analysis suggests that bears could continue to dominate, with potential support at the 50-day exponential moving average around $0.34 and resistance at the 200-day Exponential Moving Average (EMA) at $0.45.