- 1INCH Price Update
1INCH price reached $0.22, suffering from weak buying interest at support lines. For any serious recovery, traders have to see the price move above the level of $0.26.
Traders need a move above $0.26 to confirm any strong recovery.
At present, the 1INCH/USDT perpetual contract has been exchanging hands at $0.2242, marking a 7.51% decline in value while price falls into a big support zone. Analyst Ali (@ali_charts) points out the possibility of breaking out from a parallel channel, targeting $0.092 if the breakdown process continues.
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The chart structure suggests that 1INCH has tested the lower boundary frequently, determining the next actions concerning the price reaction at this level. Without buyer intervention, the next risk for the token could be a fall towards the next significant support zone, continuing the bearish trend from mid-2023.
Price Tests Lower Bound of a Parallel Channel
The chart demonstrates how 1INCH has been trading in a defined parallel channel, with repeated price actions at upper and lower trendlines. The latest rejection from the upper resistance around $0.42 triggered further selling pressure, dropping the price back toward the lower boundary at $0.22.
History shows that similar setups can stimulate strong rebounds whenever buyers regain control; however, if this structure fails, a deeper correction may follow. The next support level is around $0.19, while a total breakdown could result in the token dropping to approximately $0.092, a previous downward extension.
The technical outlook for 1INCH remains uncertain, with prices not managing to hold above previous support zones. The multi-month downtrend continues, characterized by lower highs and lower lows forming weekly since early 2023. There have been a few near-term rebounds, but they’ve failed to gain traction, resulting in further declines. The current breakdown attempt resembles previous bearish cycles, making the support level at $0.22 critical. If buyers cannot resupply the price back into the channel, further losses could intensify, targeting the last support zone at $0.092.
Market Appraisal for Reversal or Continued Downward Decline
The next few trading sessions will be decisive in determining whether 1INCH can hold above $0.22 or dips lower under seller pressure. Likely, the immediate price direction will significantly depend on the market’s overall sentiment trend and volume flow. Traders will monitor possible signs of a reversal or ongoing bearish pressure.
Reclaiming the price of $0.26 may indicate renewed strength; otherwise, further declines are expected. With technical indicators also collapsing amidst the downtrend movement of 1INCH, much is at stake for the next significant movement of this token.
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