CoinMarketCap, the popular website for keeping track of the crypto market, recently highlighted some interesting developments in the price movement of 1inch Network (1INCH). According to CoinMarketCap, the value of 1INCH surged by more than 12%. When considering the majority of cryptocurrencies were experiencing a price decline at the time, this growth is notable. Regardless of 1INCH’s impressive momentum, the overall crypto market cap experienced a slight drop of 0.26% within the same 24-hour trading period, resulting in a total market cap of $1.21 trillion.
1INCH Price Movement
As of press time, 1INCH was changing hands for $0.3723. This price level meant the altcoin was trading closer to its daily maximum ($0.3787) than its lowest point of the day ($0.3331). A significant factor to note is the intense surge in the 24-hour trading volume of 1INCH — a jump of over 300% throughout the day, which positioned its trading volume at an impressive sum of $89,996,453.
Performance Analysis of 1INCH
The remarkable growth of 1INCH over the past 24 hours significantly enhanced its weekly performance, pushing the altcoin further into the green by +21.99%. Reviewing the altcoin’s performance on a slightly longer timeframe, the monthly gains show an even better picture, representing a growth of over 40%.
Resistance and Support Levels
In the past 24 hours, 1INCH managed to break past the resistance levels at $0.3375 and $0.3539. These levels were then converted into support. The altcoin is now inching closer to challenging the next resistance level at $0.3756. However, bears seem to be exerting enough pressure to protect this price point.
Bearish and Bullish Scenarios
Crypto traders and investors should be mindful of a short-term bearish candlestick pattern that formed on the 1INCH’s 3-hour chart. A bearish hammer pattern emerged during this time, suggesting that the value of the altcoin may be nearing a price peak. Should this bearish candlestick pattern be validated, it is quite likely that the price of 1INCH may dip in the next 6-12 hours’ timeframe.
Contrarily, if this bearish signal does not come into fruition, we might witness 1INCH’s price flipping the $0.3756 resistance to support. In this scenario, the crypto could even break above $0.3987 in the upcoming 24 hours. The validity of this bullish prediction largely depends on whether the price of the crypto can close a 3-hour candle above $0.3756 in the next 24 hours.
Disclaimer: The opinions, views, and all information shared in this price analysis are expressed in good faith. Readers must conduct their own thorough due diligence and research. Any action that the reader chooses to take is purely at their own risk. Coin Edition and all of its affiliates will not accept any responsibility for direct or indirect damage or loss.