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Crypto Price Prediction For January 1: 1INCH, FIL, KLAY – Crypto News

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2 years ago

January 1, 2024

Dripp

Crypto Price Prediction: Defying current market uncertainties, the 1INCH, FIL, and Klay tokens are positioned for prolonged recovery

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Published 3 mins ago
Updated 6 seconds ago

Crypto Price Prediction: The Short-term trend in the cryptocurrency market is currently sideways as a majority of major cryptocurrencies continue to waver in uncertainty. However, despite this indecisiveness tokens like 1INCH, FIL, and Klay showcased a double-digit jump in the last 24 hours resuming their prevailing recovery.

The worldwide cryptocurrency market capitalization currently stands at $1.66 trillion, reflecting a slight decline of 0.21% from the previous day. Meanwhile, the total trading volume in the crypto market has witnessed a 2.87% rise over the last 24 hours, amounting to $45.35 billion.

Is 1inch Price Rally Heading to $0.7

For the past 20 months, the 1inch token has been experiencing a consistent downtrend within a descending channel pattern. Market observers have been closely monitoring this pattern, as the token’s price has demonstrated at least two significant rebounds from its parallel trendlines.

In mid-October, despite broader market trends, buyers initiated a strong comeback as the price bounced back from a local low of $0.23. This surge led to an impressive 117% increase in the 1Inch price over three months, with the current trading level at around $0.51.

This rally was marked by a bullish departure from the long-established channel pattern, suggesting a potential trend reversal. Moving forward, the 1inch price might aim for targets of $0.6, $0.7, and $0.91.

The Average Directional Index Slope, currently at 17%, indicates that buyers have sufficient momentum to sustain an aggressive rally.

Filecoin(FIL) Price Escapes 500-Day Barrier to Chase $11.4

Filecoin(FIL) has been in an 18-month accumulation phase within a symmetrical triangle pattern, consistently holding above the $2.5 threshold. The token gained momentum in late October, rebounding from a local support of $3.12.

This recovery led to a 113% rise in the Filecoin price over 75 days, reaching $7.3. This rally was further bolstered by a breakout from the triangle pattern on December 31st, hinting at the beginning of a new uptrend.

A recent 5.75% surge further supports this breakout, indicating a strong inclination for a continued rally. The expected trajectory could see a 30% increase, targeting prices of $9.5 and then $11.4.

The bullish momentum is also evident in the Filecoin price’s interaction with the upper boundary of the Bollinger Bands indicator

Bullish Pattern Set Klaytn(KLAY) Price Rally Beyond $0.4

The Klaytn coin price has been on a recovery trend since late September 2020, starting from a low of $0.107. This rebound led to a significant 158% rise, marking a new yearly high at $0.278.

Although the bullish trend remains intact, recent market volatility has caused a slight retracement in the KLAY price to around $0.23. This pullback is within the bounds of the Fibonacci Retracement Level, suggesting that Klaytn may soon resume its upward trajectory.

Notably, a double-bottom reversal pattern has emerged on the daily chart, which could propel the KLAY coin price by another 62% toward the neckline resistance at $0.37.

A breakout from this pattern would further confirm a trend reversal. The 50 EMA slope is providing robust support, reinforcing the potential for Klaytn’s continued price growth.

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