1INCH/USD Market (1INCH/USD) Gains Momentum in the New Year
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The 1INCH market, which has exhibited a bullish trend since the last quarter of the previous year, experienced notable momentum towards the end of December. In the new year, chart analysis indicated a marked increase in investor interest, leading to rapid fluctuations in price both upward and downward.
1INCH Market Data
- 1INCH/USD Price Now: $0.491
- 1INCH/USD Market Cap: $547,824,151
- 1INCH/USD Circulating Supply: 1,129,417,646
- 1INCH/USD Total Supply: 1,500,000,000 1INCH
- 1INCH/USD CoinMarketCap Ranking: #108
Key Levels
- Resistance: $0.52, $0.55, and $0.60.
- Support: $0.42, $0.40, and $0.35.
The 1INCH Market Forecast: Analyzing the Indicators
Towards the final two days of 2023, a robust support level emerged around $0.42. Positioned strategically, this price level witnessed significant buying activity from bulls at the onset of the new year. This surge drove the price close to the $0.55 mark. The rapid ascent led to substantial profit-taking, threatening the 1INCH bullish market sentiment. However, the established support at $0.42, formed in the waning days of the previous year, acted as a stabilizing force, preserving the bullish trajectory and restoring market confidence. The Bollinger Bands indicator suggests an upward-trending price channel, and the trade volume indicator exhibits strong readings, reinforcing the prevailing bullish sentiment.
1INCH/USD 4-Hour Chart Outlook
Upon examining the shorter timeframe, we observed the emergence of bearish resistance near the $0.50 price level. The significant price surge at the start of the new year appeared to stimulate considerable bearish activity. While the 1INCH bulls may attempt to withstand this volatile bearish market, the presence of an inverted hammer suggests increasing momentum favoring the bears. Bullish traders are defending their position, preventing further price declines below the support level.
