1inch network price analysis: 1INCH buyers failed to escape the wedge pattern; Will the trend continue or not?

• The 1-inch token is indicating a falling wedge pattern during a downtrend on the daily price chart.
• Major exponential moving averages (such as 20, 50, 100 and 200 EMA) are well above the current price.
• The 1INCH/BTC pair price is down 1.1% at 0.00003295 Satoshis.

1Inch Network Token is a bit weak in the short term. However, the cryptocurrency has been underperforming since showing a low-high with an all-time high of $7.8. Thus far, the 1INCH coin noted a 52-week low of $1.19 and has lost over 80% of its costs so far.

The 1INCH token has been following a downward trendline (blue) for the past several weeks. Similarly, a descending wedge pattern (dotted blue) since the monthly high forced short sellers to sell the 1INCH token.

The 1INCH coin is approaching a 90-day low of $1.20, which is the last hope for a buyers rally. At the time of writing, 1 Inch Network is trading at $539 million at $1.30, down 2.13% by market cap over the past 24 hours, according to CMC. Moreover, the 1INCH/BTC pair price is down 1.1% at 0.00003295 Satoshis.

In terms of the daily price graph, the 50 EMA (red) was a strong selling point for the bears in case the bulls needed to manage the upside costs. Thus, the major exponential moving averages (such as the 20, 50, 100 and 200 EMAs) are well above the current price. However, fewer liquidations do not yet indicate a bounce back.

Will the bears continue the downward movement?

The RSI indicates solid weakness in the 1INCH coin as the RSI peak is moving towards the oversold area in terms of the daily price chart.

Besides, the MACD indicator has slipped below the neutral zone and is trending lower in the negative zone.

Conclusion

Key technical indicators are indicating solid weakness in the 1-inch Network token. The level of $1.2 acts as a hedge for the bulls otherwise the bears may dump the coin to the conceptual level of $1.0.

Support level- $1.2 and $1.0

Resistance level- $2.0 and $3.0

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

News Source