The price of 1inch token (1INCH) surged in early trading hours Monday, reaching highs of $0.59. However, the 1INCH price quickly dropped back to $0.36. According to data from CoinGecko, 1inch has decreased by 16% in the last 24 hours.
This contrasts with the abrupt action that followed Ripple’s partial victory in its ongoing legal battle with the US Securities and Exchange Commission (SEC). Like XRP, which rose more than 100%, 1inch price was mainly boosted by huge volume on the South Korean crypto exchange Upbit. The token’s 24-hour trading volume on the exchange was about 31% of the total daily volume.
Currently, 1INCH is trading above a key support area around $0.34. On the other hand, there is a long-term resistance as signaled by the 200-day EMA – currently at $0.45 after the coin’s dip from above $0.59.
On the technical side, the 1INCH market is experiencing a negative shift, as Bitcoin has dropped below $30k and Ethereum is struggling near $1.9k. Altcoins, including XRP, BNB and Solana have also pared recent gains. The downward pressure has increased as the bankrupt crypto lender Celsius Network has moved millions of dollars’ worth of altcoins to exchanges for liquidation and conversion into BTC and ETH.
As for the 1INCH future, the daily RSI is close to the equilibrium point, suggesting bears could continue to pressure bulls. The 50-day exponential moving average is offering a support zone near $0.34, but if it fails, 1INCH could drop further.