1INCH Takes a Dive After a Month-Long Climb. Wait for The Bounce?

Updated: 18 July 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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1inch dropped 17% in the last 24 hours with trading volume plummeting 78% to $166 million. The reversal follows a month-long climb that saw it rise almost 29%.

1INCH is Witnessing Price Retracement

The asset trades above the 50-Day Simple Moving Average (SMA) and below the 200-Day SMA. This shows that 1INCH is short-term bullish and long-term bearish.

1INCH has a Relative Strength Index (RSI) at 57.93, moving to the oversold zone (30) from the overbought zone (70). This suggests that bears are increasing selling pressure.

The asset’s Moving Average Convergence Divergence (MACD) trades above the signal line with a faded green histogram bar. This consolidates the signal from the 50-Day SMA that 1INCH is bullish in the short term but is facing increased selling pressure.

The Support and Resistance Levels for 1INCH

The technical chart above reveals that the coin is witnessing a strong price retracement. If the bears sustain the pressure, 1INCH may hit the $0.325 support.

Nonetheless, if bulls return, the market value of 1INCH might reach the $0.508 resistance level. More investors could be moved to 1INCH if the bulls keep pushing the asset’s price above the resistance level.

This may cause positive sentiment among traders, and it’s likely 1INCH could then appreciate further, which might make it hit the $0.541 resistance.

The Alternative Asset: Mr. Hankey Token (HANKEY)

Mr. Hankey Token (HANKEY) is a meme crypto project that portrays itself as the favourite floater in the crypto market. The coin is based on American animated TV series South Park’s popular Mr Hankey, a happy turd and the cartoon’s former Christmas deity.

The project team approaches the crypto space with a sense of fun, projecting the success of its project even though it has a crappy identity.

What matters to the team is that the group will be ready to roll up their sleeves and trousers and dive into the crypto septic tank to maximize profit from the crypto world.

The token is built on the Ethereum blockchain with a total supply of 1 billion units of HANKEY.

In a so-called ‘’Brown Paper’’ about the coin, its developers say it’s going to be ‘’a whirlwind of hilarity and high returns,’’ and suggest it’s for investors ‘’tired of the dull, lifeless world of traditional cryptos.’’

They write that they are committed to pushing ‘’this bad boy” to be the fastest trending and best-performing token of 2023. “It’s a wild ambition, but hey, what did you expect from a bunch of folks dealing with animated shi*t,’’ they said.

Mr Hankey Coin’s official Twitter account has surged past 8,000 followers, and on Telegram they number about 1,600. BeInCrypto, Cointelegraph, CryptoPotato, Outlook India, and Coingape are among outlets that have covered the token’s presale.