1INCH maintains stability near 0.18 USD as on-chain and derive data suggest a bounce back.

The price of 1INCH (1INCH) is currently stable around 0.187 USD at the time of writing on Thursday, after hitting strong resistance earlier in the week. On-chain and derive data indicate that the market is gradually improving, with a significant increase in whale activity, the dominance of buyers becoming more prominent, and a positive funding rate revealing the potential for a bounce back. Technical indicators also support the bullish trend, as buyers target the next level around 0.234 USD.

On-chain data and derivatives of 1INCH show early signs of bounce back

Data aggregated from CryptoQuant is reinforcing a positive outlook for 1INCH, as the futures market is witnessing a wave of large orders from whales along with a clear advantage for buyers, opening up the possibility of an upcoming surge.

The derivative indicators also support this rebound. According to Coinglass, the funding rate shows that the number of traders betting on the price of 1INCH is lower than those predicting a price increase. This indicator turned positive on Monday and maintained at 0.0070% on Thursday, implying that long position holders are paying fees to the short side. Historical records indicate that when this rate shifts from negative to positive, 1INCH tends to rise sharply.

Additionally, the long/short ratio of 1INCH is currently at 1.17 — the highest level in over a month, indicating that the majority of traders are currently betting that the price of 1INCH will continue to rise.

1INCH price forecast: bulls target 0.234 USD

The price of 1INCH has slightly decreased from the Fibonacci retracement level of 61.8% at 0.207 USD on Monday, but immediately bounced back in the next session. As of the time of writing on Thursday, this coin is trading around the level of 0.187 USD.

If 1INCH maintains its bounce back and can close above 0.207 USD on the daily frame, the likelihood of extending the uptrend towards the next resistance level at 0.234 USD is very high.

The Relative Strength Index (RSI) on the daily chart is fluctuating around the neutral level of 50, reflecting investor caution. For the bounce back to be convincing, the RSI needs to break above this neutral level. At the same time, the MACD lines are converging, signaling unclear momentum; a bullish crossover signal from the MACD will reinforce sustainable upward momentum.

On the contrary, if 1INCH faces adjustment pressure, the price may extend its downward trend toward the next important support level on the weekly timeframe at 0.163 USD.

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