Sep 03, 2022 12:05
The price of One-inch (1INCH) has shown some great strength in recent times against tether (USDT) as the price gears up for a rally to the $1.3 mark. Bitcoin’s (BTC) price has shown a little strength bouncing off from key support, leading to most crypto assets popping out from their shell, with the price of One-inch (1INCH), not an exception. (Data from Binance) Related Reading: Crypto Market Remains Extremely Fearful As Bitcoin Struggles At $20,000 One-inch (1INCH) Price Analysis On The Weekly Chart The price of 1INCH has recently shown a measure of strength, bouncing off from a low of $0.5 to a region of $0.75. The price of 1INCH has had quite an adventure, dropping from an all-time high of $7.8 to a low of $0.5 on the weekly chart. The price of 1INCH formed weekly support at the low region; the price of 1INCH has continued to build strength with more buy orders being set for this crypto asset. 1INCH price is faced with a resistance at $0.83 to break above and trend to the $1.3 mark; if the structure of 1INCH is maintained, this will be achievable. The price of 1INCH is trading above its weekly support at $0.5, with eyes set for more highs. Weekly resistance for the price of 1INCH – $0.83. Weekly support for the price of 1INCH – $0.55. Price Analysis Of 1INCH On The Daily (1D) Chart After falling to a daily low of $0.5, the price of 1INCH on the daily bounced off this region as it has formed good support, as price rallied to a region of $0.7 where the price is faced with resistance to breaking higher to a region of $1. The price of 1INCH needs to maintain its bullish structure with more buy orders for the price to break above the current resistance at $0.7. 1INCH trades at $0.7 below the 50 and 200 Exponential Moving Average (EMA). The prices at $0.7 and $1.1, corresponding to 50 and 200 EMA, will continue to keep the price of 1INCH from going higher. Daily (1D) resistance for the 1INCH price – $0.7-$1. Daily (1D) support for the 1INCH price – $0.55. Price Analysis Of 1INCH On The One Four-Hourly (4H) Chart The price of 1INCH in the 4H timeframe has continued to look bullish after breaking out of the symmetrical triangle; with the price rallying to a high of $0.7, it faced resistance, and the price was rejected. If the price of 1INCH holds above the 50 EMA acting as support for the price, holding above this support area will be key to continuing its bullish sentiment. 1INCH price needs to flip the resistance at $0.72, which corresponds to the 200 EMA, to have a better chance of trading close to the $1 mark. If the price of 1INCH fails to hold its support at $0.68, we could see the price of 1INCH revisiting its key support. The Relative Strength Index (RSI) for 1INCH on the 4H chart is above 50, indicating buy order volume for the 1INCH price. Four-Hourly (1H) resistance for the 1INCH price – $0.7. Four-Hourly (1H) support for the 1INCH price – $0.68. Related Reading: Lido DAO Continues With Strong Bullish Bias, How High Can Price Go? Featured Image From zipmex, Charts From TradingView.com
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