Despite recording a weak price action among the top cryptocurrencies, mid-cap altcoins continue to display a bullish price sentiment, suggesting a switch of interest toward these altcoins by investors.
Positively, the 1inch price has recorded a jump of 37.83% in its trading volume and has added approximately 6% within the past day. Moreover, it has a weekly gain of 15.31% and a Year-to-Date (YTD) return of 12.91%, indicating a positive outlook for the altcoin in the long-term perspective.
1inch Price Displays A Bullish Reversal:
After trading in a closed range between $0.3820 and $0.4550 for a period, the bulls lost momentum and broke down its important support level. However, after recording a low of $0.3477, the bulls regained momentum. Since then, the 1inch Network price has been trading under a strong bullish sentiment.
With a trading price of 0.4807, a market cap of $561.94 million, and a circulating supply of 1,166,209,577 1INCH tokens, the altcoin has successfully secured the 129th position in the global crypto market list by market cap.
1inch Network Market Sentiments:
The Cross EMA 50/200-day displays a high possibility of a Golden Cross in the 1D time frame, suggesting an increase in the buying pressure within the market.
However, the technical indicator, RSI fails to breach its overbought range, resulting in it displaying a negative trend. However, the average surpasses the mid-point, indicating a mixed sentiment for the altcoin in the crypto space.
Will 1INCH Price Go Back Up?
If the bulls continue to gain momentum, the 1inch Network will test its resistance level of $0.5225. Maintaining the price at that level will set the stage for 1INCH crypto to attempt to test its upper resistance level of $0.5975 during the upcoming week.
Conversely, if the bears gain control over the market, the price will test its support level of $0.4550. Furthermore, if the bulls fail to hold the price at that level, the altcoin will plunge toward its lower support level of $0.3820 in the coming time.
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