Is 1inch Poised for a Game-Changing Bounce Despite the Bearish Chaos?
Key Takeaways
1inch has a bearish market structure and downward momentum. While the sellers seemed to have the upper hand, the price might have made a local bottom and could be preparing for a rebound.
1inch [1INCH] saw a 40.7% price retracement from 13 July to 2 August. This took 1INCH from the $0.391 swing high to the $0.232 swing low.
However, the higher timeframe market structure has remained bullish, despite the price dip.
Source: 1INCH/USDT on TradingView
Encouragingly for long-term investors, the retracement has led 1inch token prices back to the level that had been a resistance in May. The retest of the $0.24-zone as support in recent days is a positive sign for investors and may be a good buying opportunity.
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