1inch Witnessing Price Retracement
1inch has experienced a 17% drop in the last 24 hours, accompanied by a significant decrease in trading volume by 78% to $166 million. This comes after a month-long increase of almost 29%.
- 1INCH is short-term bullish and long-term bearish, trading above the 50-Day Simple Moving Average (SMA) and below the 200-Day SMA.
- The Relative Strength Index (RSI) for 1INCH is at 57.93, indicating a move from the overbought zone to the oversold zone. This suggests increasing selling pressure from bears.
- The Moving Average Convergence Divergence (MACD) for 1INCH is above the signal line with a faded green histogram bar. This consolidates the bullish signal from the 50-Day SMA, but also indicates increased selling pressure.
Support and Resistance Levels for 1INCH
The technical chart shows that 1INCH is undergoing a strong price retracement. If bears continue to exert pressure, the coin may reach the $0.325 support level. However, if bulls return, 1INCH could potentially reach the $0.508 resistance level. Further bullish momentum could push the price to the $0.541 resistance level, attracting more investors.
The Alternative Asset: Mr. Hankey Token (HANKEY)
Mr. Hankey Token (HANKEY) is a meme crypto project based on the popular character from the American animated TV series South Park. The project team embraces a sense of fun and aims to maximize profit from the crypto world despite its “crappy” identity.
- HANKEY is built on the Ethereum blockchain with a total supply of 1 billion units.
- The developers express their ambition to make HANKEY the fastest trending and best-performing token of 2023, targeting investors tired of traditional cryptos.
- Despite its humorous approach, the token has gained attention from outlets such as BeInCrypto, Cointelegraph, and Coingape.
Hot Take: While 1INCH is currently facing a retracement, it remains short-term bullish. On the other hand, Mr. Hankey Token brings a unique and entertaining aspect to the crypto market, aiming for high returns. Both assets present interesting opportunities for crypto enthusiasts.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.