1INCH falls below support at $2.95, a bearish retracement to follow?

1INCH falls below support at $2.95, a bearish retracement to follow?

The 1Inch price analysis for today is bearish, as the currency opened at $2.905 today and is currently trading at 2.8 USD. According to CoinmarketCap, the currency's trading volume has decreased by 0.45 percent, standing at 310 million USD. The currency now has a market rank of 129, with a capitalisation of 517 million USD, down 2.95 percent from its previous high.

Bitcoin, the king of cryptocurrencies, increased by 5.15 percent Wednesday, reaching a daily high of 57.8 thousand dollars. However, BTC is currently trading at 56k USD, down 2% from yesterday.

According to the 1Inch price analysis for the past few days, 1INCH/USDT rose by 5.3% on 29th September, followed by 14.1% on 1st October. On 2nd October, we saw a 4.53% price rise for 1INCH/USDT.

However, 1INCH/USDT prices fell by 4.77% on 6th October, and another 7.69% price drop was experienced on 10th October. The highest price for today is $2.905, while the lowest is at $2.701.

1Inch price analysis: Technical indicators turning bearish on 4-hour chart

The technical indicators for the 4-hour chart are turning bullish although, we can also witness multiple consecutive red candles. According to the 1Inch price analysis, the price of the coin is below the 50-day and 100-day Moving Averages but the bulls are trying to regain the 100-day Moving Average.

Furthermore, the Bollinger Bands show that the price action is still in the lower end of the Bands and if this continues, a breakout from the lower end will be witnessed.

1INCH falls below support at $2.95, a bearish retracement to follow?

The RSI levels suggest that the prices are in the bearish region as the gradient is positive. This suggests that the bulls are fighting back and higher prices might be witnessed in the short term.


Comparing the RSI to MACD, the latter shows that the MACD line is quite close to the signal line. This means that if the blue line crosses above the orange or the signal line, we will experience a bullish divergence on the 4-hour chart.

1INCH falls below support at $2.95, a bearish retracement to follow?

1Inch price analysis: Conclusion
The conclusion of the 1Inch price analysis is bearish for today, although we might experience higher prices in the short term as the RSI and the MACD indicators suggest. If you are looking to put your buy orders, this would be the best time.