1inch Network Price surge 48% but failed to hold the higher level

• 1inch Network Price surges 48% in previous session but faced rejection.
• The Price attempted to break the 200 day EMA.
• The Price Prediction is bullish but upward momentum is lost.

1inch Price surges 48% in a single day and attempts to break out of the $0.5000 hurdle. However, the attempt failed and prices faced a strong rejection from the higher levels. It formed a long tail bearish rejection candle which shows that sellers are still active. 

1INCH Price succeeded to climb above the 50 day EMA shows that the short term trend favors the bulls. Buyers also tried to push the price above the 200 day EMA to reverse the positional trend in upward direction. Sadly it faced rejection and reverted down. 

The crypto witnessed a massive spike in the selling volume indicating some genuine investor had taken exit from higher levels. 1inch crypto price recovered 73% approx from the recent swing low. But price is lacking the momentum near $0.4200 level. 

In the beginning of May, Price dropped below the crucial swing low support of $0.4200 which invited further decline. Well the downfall halted near to $0.2500 and buyers showed minor bounce. 

1inch Price is trading at $0.3785 with an intraday decline of -6.06%. The 24 hour volume to market cap is 160%.

1inch Network Price trapped the bulls

1inch Price Prediction is bullish but the price will gain momentum only above $0.5000 level. The price is struggling in between 50 day and 200 day EMA. It showed a massive up move but buyers failed to hold the higher levels. 

The rally looks like a trap buildup for the bulls due to that price faced strong rejection despite massive up move. Till 1INCH crypto price sustains above $0.3000 the short term trend is expected to remain in bulls grip. 

The short term retracement toward $0.3000 is likely to show a bounce. On the other hand, if the price drops below the support then the bears might drag it down to the yearly lows. 

The technical analysis suggests, the crypto price is trying to reverse the trend but sellers are still dominating. 

1INCH Price failed to give the follow up

1INCH Price rose 42% in the previous week and buyers tried their best to give the follow up momentum. However, the prices formed a bearish rejection candle in the current week.

The overall market witnessed minor corrections which negatively impacted the price. The MACD curve generated a positive crossover and sloping upward denotes mild bullishness. 

The RSI curve 59 reversed down from the overbought territory denotes prices are cooling off and might test the neutral zone.

Conclusion

The Price surges 48% in a single day but it ended as a trap for the bulls. 1inch crypto erodes the complete gains and returns back to the 50 day EMA. However, till prices hold $0.3000 support, the short term trend is expected to remain in bulls grip.

Technical levels

Resistance levels: $0.6100 and $0.7000

Support levels: $0.3000 and $0.2363

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.