Despite a promising rally which saw 1INCH reach a high of $0.5935 recently, the digital asset has faced a significant pullback to its current mark of $0.3274, a disappointing decline of 44.84% from its peak. In light of this downturn, investors are questioning whether 1INCH can regain its bull run.
Considering the present price of 1INCH compared with its 20, 50, and 100-day EMAs, which stand at $0.3406, $0.3427, and $0.3774 respectively, the situation appears bearish. Its Relative Strength Index (RSI) also slipped from 49.63 to 47.93 in a day, hovering near the oversold region. This downturn indicates rising bearish momentum which may deter potential investors. The MACD histogram affirms these sentiments as a bearish crossover looms.
On a more concerning note, the market cap witnessed a slump of 3.44% to settle at $324 million. However, contradicting this downtrend, there’s a surge in the 24-hour trading volume by almost 21%, suggesting growing interest in 1INCH, a silver lining in a seemingly gloomy scenario.
1INCH is currently wrestling with pivotal support and resistance levels. Potential avenues for recovery include the immediate support at the Fibonacci 0.786 level of $0.3259 or a broad support zone ranging from $0.2878 to $0.2949. Overcoming key resistance levels at the 20-day, 50-day and 100-day EMAs are also crucial for optimistic reversals.
As the bearish trend persists, traders are urged to tread with caution, anticipating potential further nosedives before any recovery signs become visible.
Amidst the bearish trend of 1INCH, investors are shifting their focus to BTC20, a cryptocurrency recreating Bitcoin’s early traits on the Ethereum platform. In its presale, BTC20 has already outdone expectations, reaching a whopping figure of $470,000 in less than a week. The fashion in which BTC20 is alluring investments, it is expected to keep gaining momentum in upcoming days.
Promising unprecedented returns and carrying the appeal of a green crypto, BTC20 offers a maximum of 6.05 million tokens, mirroring Bitcoin’s circulation figures in 2011. With its ‘stake-to-earn’ feature, BTC20 invites investors to not only enjoy potential capital gains based on the rising price forecast of Bitcoin, but also accrue passive income by holding their tokens.
In these unpredictable crypto terrains, one thing is clear – BTC20 and cryptocurrencies like it are the new frontier to explore. Despite being a high-risk asset class, the rewards can be equally high. However, always exercise discernable caution and make an informed investment decision.
Source: Cryptonews
