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.
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.
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.
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.
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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