1inch Price Shows Bullish Signs in Falling Wedge Pattern
1inch (1INCH) is trading around $0.257 on Wednesday. The price is moving within a falling wedge pattern on the daily chart. A breakout above this pattern could lead to a strong upward move. This pattern favors buyers and may signal a rally ahead.
On-Chain Data Highlights Accumulation and Rising Volume
Data from Santiment shows that some large holders have been buying 1INCH during recent price dips. Whales holding between 100,000 and 10 million tokens added 10.27 million tokens from Tuesday to Wednesday. Meanwhile, the biggest wallets holding 10 to 100 million tokens sold 10.49 million tokens. This suggests some whales sold off, but others took advantage of lower prices to accumulate.
Trading volume also surged, rising from $13.35 million on Tuesday to $64.04 million on Wednesday. This is the highest volume since August 20, showing growing interest in 1INCH.
On the derivatives market, the long-to-short ratio for 1INCH is 1.08. This means more traders expect the price to rise than fall, supporting a bullish outlook.
Technical Indicators Support Potential Price Breakout
1INCH is close to breaking above the upper trendline of the falling wedge. If it does, the price could rise about 20% to test resistance near $0.307. The Relative Strength Index (RSI) is 54, above the neutral 50 level, indicating growing buying pressure.
The Moving Average Convergence Divergence (MACD) shows a bullish crossover, which is a buy signal. This suggests the start of an upward trend. However, if the price falls, it may test support at $0.234.
