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The post 1inch Price Surges 19% on Strong Breakout, What’s Coming Next? appeared first on Coinpedia Fintech News
1inch stunned the market with a sharp 19.46% price jump in just 24 hours, building on a steady 4% gain from last week. What sparked this move? A strategic inflow of 5 million USDC into Binance stirred a near 29% intraday price surge. Coupled with a security upgrade featuring AI-powered threat detection, the token gained the confidence of traders.
But most notably, 1inch cleared key moving averages, signaling a technical breakout that fueled buyer conviction. Wondering what’s in store? Join me as I explore potential price targets in this price analysis.
Active Addresses Go Steady?
The active address count for 1inch has held relatively steady despite recent price volatility. Data from CryptoQuant shows a baseline of around 551 active addresses daily, with no dramatic spikes or drops correlating directly with price swings.
This suggests cautious but consistent network engagement. Even as the 1inch price surged, the user activity stayed stable, reflecting a loyal holder base and steady participation in the ecosystem. Stable active addresses provide a healthy foundation for sustained trading volume and momentum growth.
1Inch Network Price Analysis
On a technical front, the 1inch price recently broke above its 7-day SMA at $0.165 and remained optimistic above this level. The RSI on a 7-period chart sits at 63.15, indicating a healthy neutral-to-bullish sentiment without entering overbought territory.
Volume exploded, surging 542% to reach $168 million, confirming strong buyer interest and momentum behind the price move. The breakout also invalidated a descending channel that formed throughout October, signaling a reversal in the prior downtrend.
However, resistance looms near the 30-day Simple Moving Average at $0.184. The MACD histogram is positive, suggesting upward momentum, though a sustained close above this key resistance near $0.185 is crucial.
A confirmed breakout here could open the door to $0.20, marked by the Fibonacci 23.6% retracement level. Until then, cautious optimism is warranted, keeping an eye on volume and RSI for confirmation of strength.
FAQs
A mix of USDC inflow into Binance, a security upgrade, and a technical breakout above key moving averages drove the price up sharply.
No, the RSI at 63.15 shows bullish strength but not overbought levels yet, indicating room for price growth.
Watch the 30-day SMA near $0.184 and the $0.20 Fibonacci level for potential resistance or breakout points.
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