1INCH coin price struggles to outperform the 50-day EMA and the resistance trendline. Will bulls outrace the confluence of resistance?

Key technical points:
<ul>
 	<li style="font-weight: 400">1INCH coin price struggles to surpass the 50-day EMA.</li>
 	<li style="font-weight: 400">In addition, the price action shows a falling wedge pattern.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of 1Inch Network is $75 Million, marking a 26% fall. </li>
</ul>
<h2>Past Performance of 1INCH</h2>
The 1INCH coin price shows a price jump of 20% from $1.25 to $1.55, including the short retracement from the resistance trendline. The resistance trendline forms a falling wedge pattern in the daily chart. Hence, the rejection haunts a bearish retracement to the support trendline below the $1.25 mark. 

 <img src="https://s3.tradingview.com/snapshots/3/3kyEg10e.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/3kyEg10e/">Tradingview</a>
<h2>1INCH Technical Analysis </h2>
1INCH coin price action gives off a bearish vibe as the selling pressure grows at the confluence of the 50-day EMA and the resistance trendline. However, the recent Doji candle formations tease another bullish attempt.

The crucial EMAs (50, 100, and 200) project a bearish alignment and showcase a recent fakeout of the 50-day EMA due to the resistance trendline. However, another breakout will increase the chances of a jump to the 100-day EMA.

RSI Indicator: The RSI slope continues to trend diagonally in the nearly overbought after the recent spike surpassing the halfway mark. 

MACD Indicator: The MACD and signal lines show a crosswise move as they approach the central line. However, the falling distribution of the MACD histograms showcases a fall in buying pressure.

In a nutshell, the 1INCH technical analysis keeps a neutral vibe. 
<h2>Upcoming Trend </h2>
1INCH coin price will reach the 100-day EMA close to the $2 mark if the bulls outgrow the falling wedge pattern. However, the price action confirmation is a must before picking a trade. 

Conversely, the reversal will nullify the breakout approach and result in a price fall to the $1.25 mark.

Support Levels: $1.50 and $1.25

Resistance Levels: $2 and $2.40

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1INCH Technical Analysis: Will Bulls Outgrow the Falling Channel?

1INCH coin price struggles to outperform the 50-day EMA and the resistance trendline. Will bulls outrace the confluence of resistance?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

1INCH Technical Analysis: Will Bulls Outgrow the Falling Channel?

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