Mar 16, 2022 07:10
1INCH price has been on a downtrend in tandem with the cryptocurrency market ever since November 2021. Prices were expected to rise again once they hit the support price of $1.5. However, we witnessed a fakeout that lasted around 2 weeks. Today, prices are back up by more than 10%, back towards that support price. How will 1Inch Network price continue in the near future? Will the price continue to rise, or is the rise already over? In this 1inch price prediction article, we're going to analyze prices and assess what might happen in the medium term.
What is 1INCH Crypto?
1inch is a decentralized exchange aggregator working towards getting the lowest prices across platforms. You see, crypto buyers struggle to find DEXs with the lowest prices and best liquidity. Thankfully, aggregators are created to search for those platforms for you.
Leveraging complex algorithm technology, 1inch searches across platforms to find the most suitable provider. It gives access to more than 100 liquidity sources from numerous platforms. According to the aggregator, it has around 50 liquidity sources on Ethereum and a couple of others from Binance Smart Chain (BSC) and Polygon.
Why is 1inch Price up?
1Inch price has been performing a green doji for the past week, indicating a trend reversal. This week got off to a good start, with the price performing an increase of around 20%. Having arrived at the lower trendline of the descending wedge, we expect the price to continue the current climb. If we look at the indicators, we can see that they are also bullish. The MACD could cross bullish in a few weeks. The RSI also has an upward trend, which strengthens the assumption of rising prices.
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Fig.1 1inch/perp 1-week chart showing the descending wedge -
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Can 1INCH Price reach $2?
The 1Inch Network price could increase by another 30% in the next few weeks towards $2. That's where the next resistance is. However, judging by the indicators, it is not excluded that the price will break the resistance and rise a little further to the upper trend of the wedge. Thus, if the resistance breaks, the price could rise another +/- 60%. After hitting the upper trendline, or once resistance is hit, the price could drop again and eventually make a new low. We would expect a fresh correction to the lower trendline next.
Fig.2 1INCH/PERP 1-week chart showing the resistance area -
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