The price of one inch (1INCH) has shown some great strength in tether (USDT) recently as the price climbed to the $1.3 mark for a rally. Bitcoin (BTC) price has shown little strength from key support, allowing most crypto assets to emerge from their shells, the price of 1INCH, no exception. (Data from Binance)
Price analysis of one inch (1INCH) on weekly chart
The price of 1INCH has recently shown a measure of strength, from a low of $0.5 to a range of $0.75. The price of 1INCH has been quite adventurous, falling from an all-time high of $7.8 to a low of $0.5 on the weekly chart.
The price of 1INCH formed a weekly support at the lower range; 1INCH price strength continues to increase as more buy orders are prepared for this crypto asset.
The price of 1INCH faced resistance at $0.83 and trended towards the $1.3 mark; If the 1INCH structure is maintained, this will be achievable.
1INCH price is trading above its weekly support by $0.5, with eyes set for further higher levels.
Weekly resistance for 1 INCH price – $0.83.
Weekly support for 1INCH price – $0.55.
1INCH price analysis on daily (1D) chart
1INCH price dropped from this range on a daily basis, finding good support after falling as low as $0.50 per day. .
The price of 1INCH should maintain its bullish structure by using additional buy orders to break above the current resistance by $0.7.
1INCH is trading $0.7 below the 50 and 200 Exponential Moving Average (EMA). The prices corresponding to the 50 and 200 EMA at $0.7 and $1.1, the price of 1INCH will continue to rise.
Daily (1D) price resistance for 1INCH – $0.7-$1.
Daily (1D) support for 1INCH price – $0.55.
1INCH price analysis in a four-hour (4H) chart
In the 4H time frame, the price of 1INCH continues to look aggressive after breaking out of the balanced triangle; When it rose to $0.70 above the price, it was met with resistance and the price was rejected.
If the 1INCH price holds above the 50 EMA as support for price, holding above this support area will be key to continue the bearish sentiment.
1INCH price needs to break the 200 EMA resistance at $0.72 to get a better chance to trade towards the $1 mark. If the 1INCH price fails to hold the support at $0.68, we can see the 1INCH price visit the key support.
The Relative Strength Index (RSI) for 1INCH on the 4H chart is above 50, indicating buy volume for 1INCH price.
Four-hour (1H) resistance for 1 INCH price – $0.7.
Four-hour (1H) support for 1INCH price – $0.68.
Featured Image From zipmex, Charts From TradingView.com