Bearish Pressure Mounts as 1INCH Nears Critical $0.19 Level

• 1INCH nears key $0.19 support—a breakdown may trigger further downside, while a bounce could fuel a recovery.
• Strong resistance at $0.36 and $0.50 has stalled bullish moves, keeping the long-term trend bearish despite short-term fluctuations.
• Volatility remains high, with traders reacting to key levels; a sustained bullish reversal is uncertain without a major breakout.

1INCH has broken out of a parallel channel, hinting at a potential move toward $0.092. The latest price action shows a 7.51% decline, bringing the asset to $0.2242. Despite short-term fluctuations, the long-term trend remains bearish. However, critical support at $0.19 could influence the next major move.

Price Trends and Market Behavior

Over the previous two years, the price has fluctuated. The market recovered in the middle of 2023 following a decline in the beginning of the year. On the other hand, strong opposition led to a sharp decline. After declining at the end of 2023, the price increased once more at the start of 2024. However, the price began to fall once more as the trend paused.

Currently, the asset approaches a key support level near $0.19. Historically, this level has influenced market direction. If the price fails to hold above this zone, it could signal further downside. Conversely, a strong bounce could pave the way for a potential recovery.

Support is located close to $0.19. Lower price zones could be reached if this level is broken. However, resistance between $0.36 and $0.50 may prevent additional rise if buyers intervene. Strong selling pressure is evident from the several times these levels have rejected bullish attempts. The long-term trend is still negative. Additionally, the most recent price decline indicates that selling pressure is still in control. 

Volatility and Market Outlook

The market remains volatile, with sharp swings occurring frequently. While temporary uptrends emerge, sustained bullish momentum has been elusive. Moreover, price action suggests traders react to key levels, leading to fluctuating movements. If selling pressure persists, lower support levels will come into focus. Alternatively, if buyers gain control, the price could aim for a breakout above resistance.