1INCH Token Price Prediction: Will It Drop to All-Time Low of $0.2135 or Retest $0.2917 Resistance Level?

Upon hitting its all-time low yesterday at $0.2135, the 1INCH token defied the broader market correction by surging 38.16% to the $0.2917 mark

.2135 or Retest .2917 Resistance Level?" >

1INCH token price faced a slight decrease on Friday, dropping by 5.09% over the last 24 hours and trading at $0.2555 at the time of writing. However, the token demonstrated resilience amidst the broader market correction on Thursday by surging 38.16%.

The 1INCH token price encountered strong resistance at the $0.2917 mark, preventing further upward movement. Moreover, the token, which was trading at its all-time low yesterday at $0.2135, showed potential signs of seeking support around the $0.2381 threshold.

The 1INCH token price dropped to the 143rd spot in market capitalization rankings as its intraday market cap pulled down to the $321 million zone. Despite the bearish sentiments, the token remained green on the weekly chart, recording a 0.61% gain.

The trading volume also surged by 38.29% to $126,879,417, indicating profit-taking by traders who capitalized on recent price movements.

Technical Indicators Signal Mixed Sentiments

On the daily chart, the MACD indicator showed an upward movement above the signal line at -0.01222555, indicating strengthening bullish momentum in the short term. The MACD’s histogram further supported this sentiment as its green bars expanded above the zero line.

Moreover, the Chaikin Money Flow (CMF) index also supported this outlook, being positioned above the zero line at 0.22. This suggested a solid inflow of money into the 1INCH token, further strengthening the bullish case.

Additionally, data from IntoTheBlock showed an increase in active addresses, now at 618, over the last 24 hours, indicating growing interest in the token. However, caution was advised as other on-chain data suggested negative price action.

CoinGlass data showed that the Open Interest (OI)-Weighted funding rate was trending in the red at 0.0239%. This indicated that short position holders were willing to pay a discount to keep their positions open, which could signal a potential decline in the token’s price.

What’s Next for 1INCH?

If the bearish sentiment persists, market experts anticipate that the 1INCH token could drop to $0.2381, potentially reaching $0.2223. A breach below this level could drive the asset to its all-time low, where buyers might step in to prevent further decline.

However, if the market shifts toward positive price action in line with the technical indicators, 1INCH could retest the $0.2917 barrier, where it previously formed a double top. This critical level will be essential to monitor for a solid uptrend, which could push the token to the $0.3375 high last seen on August 5.

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