Analysis of 1inch Network Price Surge and Market Sentiments

Despite the lackluster performance of leading cryptocurrencies, mid-cap altcoins are demonstrating a bullish price sentiment, indicating a shift in investor focus towards these niche assets.

The price of 1inch has surged by 37.83% in trading volume and has recently risen by around 6% within a day. Over the past week, it has shown a remarkable gain of 15.31%, with a Year-to-Date (YTD) return of 12.91%, signaling a positive outlook for the altcoin's long-term prospects.

Positive Developments in 1inch Price

After trading within a narrow range of $0.3820 to $0.4550 for a period, the bulls faced a setback as they breached a critical support level. However, a recovery ensued after hitting a low of $0.3477, leading to a sustained bullish trend in the price of 1inch Network.

With a current trading price of 0.4807, a market cap of $561.94 million, and a circulating supply of 1,166,209,577 1INCH tokens, the altcoin has secured the 129th position in the global cryptocurrency market based on market capitalization.

Market Sentiments Surrounding 1inch Network

The Cross EMA 50/200-day analysis points towards a potential Golden Cross formation on the 1-day timeframe, indicating a rise in buying pressure in the market.

However, the Relative Strength Index (RSI) has failed to breach the overbought region, signaling a bearish trend. The average value remains above the midpoint, presenting a mixed sentiment towards the altcoin in the crypto domain.

Future Outlook for 1inch Price

In the event of continued bullish momentum, the 1inch Network is likely to challenge the resistance level at $0.5225. Sustaining this price level may set the stage for the altcoin to test the upper resistance level at $0.5975 in the forthcoming week.

Conversely, if the bears take charge, the price is expected to test the support level at $0.4550. Failure to hold this level could result in a descent towards the lower support level at $0.3820 in the near term.