BTC20 Emerges as Eco-Friendly Alternative Amidst 1Inch Network's Price Drop
After staging a rally that saw 1INCH reach a multi-month high of $0.5935 on July 17, it is now experiencing a drastic pullback to the current level of $0.3274, representing a 44.84% decrease from its recent peak. What's next for 1INCH and can it reestablish its bullish momentum?
At $0.3274, the current price of 1INCH is lower than its 20, 50, and 100-day EMAs which are $0.3406, $0.3427, and $0.3774 respectively. With the current price underneath the short, medium, and long-term EMAs, this signals 1INCH is presently in a bearish market phase.
As for the Relative Strength Index (RSI), it has slipped from 49.63 to 47.93 within a day, moving closer to the oversold territory. This trend suggests growing bearish momentum and might raise caution flags among potential buyers.
The MACD histogram also echoes the bearish sentiment. It's currently on the cusp of forming a bearish crossover, as it slid to 0.0015 from yesterday's 0.0048.
Another concern for investors would be the decline in the market cap, which dipped by 3.44% to $324 million.
Interestingly though, there is a spike in the 24-hour trading volume by 20.94% to $115 million, which could indicate an increasing interest in the asset despite the downward price action.
1INCH is currently grappling with crucial support and resistance levels. The immediate support is at the Fib 0.786 level of $0.3259, closely followed by a solid horizontal support zone ranging from $0.2878 to $0.2949. Should the digital asset slide further, this range could potentially halt the downtrend and induce a rebound.
Investors and traders should watch the 20-day and 50-day EMAs at $0.3406 and $0.3427, and the 100-day EMA at $0.3774 as key resistance levels to overcome for a bullish reversal.
Given the
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