1INCH Technical Analysis – Trading Below the Fibonacci Pivot Point of $6.11
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1INCH Technical Analysis – Trading Below the Fibonacci Pivot Point of $6.11

April 9, 2021      Ankita Awasthi

In new technical analysis, 1INCH is a DEX (Decentralized Exchange) aggregator that provides a robust platform for crypto swap transactions. It eliminates manual checking of swap transactions and provides high liquidity to offer better swap token rates to users. In December 2020, the DAO (Decentralized Autonomous Organization) started governing the 1INCH network.

Past Trends

On April 2, 2021, 1INCH started trading at $4.45. On April 8, 2021, the closing price of 1INCH was $6.19. Thus, in the past week, the 1INCH price has soared by approximately 39%. In the past 24 hours, 1INCH has traded between $5.93-$6.20.

1INCH Price Analysis

https://www.tradingview.com/x/1csQfDDv/

Day-Ahead and Tomorrow

Currently, 1INCH is trading at $6.03. The price has decreased from the opening price of $6.19. Thus, the market looks bearish.

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The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to start rising.

The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. Heavy selling activity will exert downward pressure on the 1INCH price. Hence, we can expect the price of the crypto to go down further.

Currently, the RSI indicator is at 67%. It faced rejection at 61% and rallied to the current level. Thus, buying pressures are high. There is positive divergence here and we can expect the price to start rising in some time.

1INCH Technical Analysis

As per technical analysis, currently, the price is trading below the Fibonacci pivot point of $6.11. If the bearish forces remain strong, we can expect the price to fall below the first, second, and third support levels of $6, $5.94, and $5.84 respectively, in a few hours.

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The price has tested and fallen below 38.2% FIB retracement level of $6.03. It may soon fall below the 23.6% FIB retracement level of $5.99. As of now, the bears seem strong but we can expect a trend reversal as many oscillators have given positive signals. In that case, we can expect a price uptrend tomorrow.

#1Inch #1INCH Price
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.