1INCH Price Dips 5% Post Rebound, Eyes Support at $0.2381

1INCH Price Dips 5% Post Rebound, Eyes Support at $0.2381

Upon hitting its all-time low yesterday at $0.2135, the 1INCH token defied the broader market correction by surging 38.16% to the $0.2917 mark, where it encountered robust resistance. However, the token has deteriorated significantly, potentially seeking support around the $0.2381 threshold.

Following this dip, the 1INCH token recorded a 5.09% downtick over the last 24 hours, now trading at $0.2555. This bearish sentiment also affected its intraday market cap, pulling it down to the $ 321 million zone. As a result, 1INCH has now dropped to the 143rd spot in terms of market capitalization rankings.

1INCH 1-Day Chart (Source: CoinMarketCap)
1INCH 1-Day Chart (Source: CoinMarketCap)

Despite this slump, the 1INCH token remains green on the weekly chart, recording a 0.61% gain. The trading volume also tells a similar story, with a surge of 38.29% to $126,879,417, suggesting profit-taking by traders capitalizing on recent price movements.

Technical Indicators Signal Mixed Sentiments

On the daily chart, the MACD indicator shows an upward movement above the signal line at -0.01222555, which implies a strengthening bullish momentum in the short term. The MACD’s histogram further supports this sentiment as its green bars expand above the zero line.

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Similarly, the Chaikin Money Flow (CMF) index supports this outlook, positioned above the zero line at 0.22. This suggests a solid inflow of money into the 1INCH token, further strengthening the bullish case.

Daily Active Addresses (Source: IntoTheBlock)
Daily Active Addresses (Source: IntoTheBlock)

Additionally, data from IntoTheBlock reveals an increase in active addresses, now at 618, over the last 24 hours, indicating growing interest in the token. However, caution is advised as other on-chain data suggests negative price action.

CoinGlass data shows that the Open Interest (OI)-Weighted funding rate is trending in the red at 0.0239%. This indicates that short position holders are willing to pay a discount to keep their positions open, which could signal a potential decline in the token’s price.

What’s Next for 1INCH?

If the bearish sentiment persists, market experts anticipate that the 1INCH token could drop to $0.2381, potentially reaching $0.2223. A breach below this level could drive the asset to its all-time low, where buyers might step in to prevent further decline.

1INCH 1-Day Chart (Source: TradingView)
1INCH 1-Day Chart (Source: TradingView)

However, if the market shifts toward positive price action in line with the technical indicators, 1INCH could retest the $0.2917 barrier, where it previously formed a double top. This critical level will be essential to monitor for a solid uptrend, which could push the token to the $0.3375 high last seen on August 5.

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Also Read: Neiro Price Surge 55% as Whale Invests $297K; Next Dogecoin?

Published at Thu, 05 Sep 2024 20:03:23 +0200

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