1Inch Price Analysis: 1INCH falls below support at $2.95, a bearish retracement to follow?

TL;DR Breakdown

1Inch price analysis is bearish for today, the prices down by 1%.The 1INCH/USDT price resistance remains unbroken at $3.2.The nearest support is at 2.54 USD currently holds.

1Inch price analysis for today is bearish as the coin’s price today opened at $2.905 while the price at the time of writing is 2.8 USD. The data from CoinmarketCap suggests that the trading volume of the currency is down by 0.45%, standing at 310 million USD. The market rank of the currency is 129 while the capitalization of the coin has dropped by 2.95%, standing at 517 million USD.

Considering the price movement of Bitcoin, the king of cryptocurrencies rose by 5.15% yesterday, seeing a daily high of 57.8k USD. However, today we can witness BTC’s price down by 2%, at 56k USD.

Recent price movement

According to the 1Inch price analysis for the past few days, 1INCH/USDT rose by 5.3% on 29th September, followed by 14.1% on 1st October. On 2nd October, we saw a 4.53% price rise for 1INCH/USDT.

However, 1INCH/USDT prices fell by 4.77% on 6th October, and another 7.69% price drop was experienced on 10th October. The highest price for today is $2.905, while the lowest is at $2.701.

1Inch price analysis: Technical indicators turning bearish on 4-hour chart

The technical indicators for the 4-hour chart are turning bullish although, we can also witness multiple consecutive red candles. According to the 1Inch price analysis, the price of the coin is below the 50-day and 100-day Moving Averages but the bulls are trying to regain the 100-day Moving Average.

Furthermore, the Bollinger Bands show that the price action is still in the lower end of the Bands and if this continues, a breakout from the lower end will be witnessed.

1Inch price analysis on the 4-hour chart by TradingView

The RSI levels suggest that the prices are in the bearish region as the gradient is positive. This suggests that the bulls are fighting back and higher prices might be witnessed in the short term.

Comparing the RSI to MACD, the latter shows that the MACD line is quite close to the signal line. This means that if the blue line crosses above the orange or the signal line, we will experience a bullish divergence on the 4-hour chart.

1Inch price analysis on the 4-hour chart by TradingView

1Inch price analysis: Conclusion

The conclusion of the 1Inch price analysis is bearish for today, although we might experience higher prices in the short term as the RSI and the MACD indicators suggest. If you are looking to put your buy orders, this would be the best time. However, if you want further insight, visit here.

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