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**1inch Price Prediction: Bearish Indicators, Yes, But Is A Recovery Coming Soon?**
The crypto market has been plagued by intense selling pressure in the past couple of weeks. Despite this bearish trend, there are indications that a turnaround might be brewing. The 1inch (1INCH) token, despite exhibiting bearish indicators, may be poised to stage a comeback.
**Bullish Indicators: Is a Recovery Coming Soon?**
From July 13th to August 2nd, the price of 1inch suffered a devastating 40.7% retracement, plummeting from $0.391 to a swing low of $0.232. However, this downturn has led to an interesting development – the token’s price is now back at a critical level that had previously served as resistance in May. This, combined with its recent retest of the key horizontal support at $0.24, could be indicative of a local bottom and a potential recovery.
**Bearish Indicators:**
While some may argue that the 1inch token’s performance is solely bearish, the data suggests otherwise. The CMF (Chaikin Money Flow) indicator currently stands at -0.26, indicating an unprecedented amount of selling pressure over the past two weeks. On the other hand, the A/D line has remained stagnant for nearly ten days, contradicting the CMF and signifying that the intensity of selling pressure has decreased.
**On-Chain Data: Accumulation Signals a Change**
The Santiment data shows a stark contrast between on-chain metrics. The weighted sentiment has been bearish for most of July, while funding rates dipped briefly into negative territory on August 3rd before quickly recovering. This bears testament to the diminished interest in speculative trading and investor anxiety.
**Mean Coin Age: Accumulation Signals a Recovery**
More reassuringly, we observe that mean coin age metrics have displayed a steady increase since late June. This trend shift signifies an uptick in accumulation activity within the network, potentially hinting at the start of a recovery.
**In Conclusion: A Potential U-Turn Ahead?**
While there are undoubtedly bearish signals, it is crucial to acknowledge the contrasting narrative unfolding on-chain. The accumulation and steady buying pressure may signal the beginning of a reversal in 1inch’s token price. If we combine this information with the local bottom formation and retest of resistance, it appears that the token’s downward trajectory might soon become an upward one.
**Disclaimer:** The author is not responsible for any losses or gains incurred from trading based on this prediction. Trading carries inherent risks and should be done at your own discretion.
Source: ambcrypto.com
