1INCH Price Analysis: 1INCH Network bears not willing to concede an inch

•1INCH/USD is currently priced at $0.51 and has decreased by 3.49% over the past day

•The trading volumes have increased by 15.16% over the past day

•The technical indicators suggest a hawkish outlook for the near term

Short Term View: 1inch Network price bears the cost of negligence from bulls

Source: 1INCH/USD by TradingView

The 1inch Network price today is $0.517045 USD with a 24-hour trading volume of $19,994,339 USD. 1inch Network is down 3.49% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.0622 for the altcoin.

All the positive momentum that had been built up in 1inch Network has been drained out due to the inaction of the bulls. This has had a detrimental impact on the asset as the 1inch Network price has slipped below the 20,50 SMA on the four hour chart. The negative sentiment has brought the 1inch Network price agonizingly close to the all important $0.50 level, breaking which will prove to be a very big blow to the investors. On the other hand, the resistance for the altcoin is placed at $0.60 for the altcoin.

Long Term View for 1inch Network price

Source: 1INCH/USD by TradingView

The 1inch Network bears have entrapped the investors in the market as the bearish sentiment is reflected in the increasing size of the red histograms on the daily chart. Furthermore, the MACD and signal lines are sloping downwards as well, which adds weight to the pessimistic outlook. The RSI, on the other hand, is showing signs of weakness as well as it currently stands at 39.17 and seems ro he headed towards the oversold territory.

Conclusion

Amidst the clamor for 1inch Network to recover to its former glory, the asset has had the life sucked out of it. The bears have had a field day and the asset looks to be on the downward trajectory in the days ahead.

Support: $0.50-$0.45

Resistance: $0.55-$0.60

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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