Cryptocurrency Market Overview
The crypto market is currently being held in a sideways trend as most major tokens see little fluctuation in their prices. However, despite the uncertainty, 1INCH, FIL, and Klay have seen a double-digit jump in the last 24-hours, continuing their recovery. The total capitalization of the crypto market is currently estimated to be $1.66 trillion, with a 2.87% increase in trading volume in the last 24-hours amounting to $45.35 billion.
1INCH Price Prediction
1INCH has been in a consistent downtrend for the past 20-months, within a descending channel pattern. In mid-October, however, buyers caused the 1INCH price to surge from a low of $0.23, leading to a 117% increase in the token’s value. This rally was marked by a bullish departure from the long-established channel pattern which suggests a potential reversal in trend. If this is the case, the 1INCH price could target $0.6, $0.7, and $0.91. The Average Directional Index Slope (17%) indicates that buyers have the momentum to sustain an aggressive rally.
Filecoin (FIL) Price
Filecoin (FIL) has been in an 18-month accumulation phase within a symmetrical triangle pattern, consistently holding above the $2.5 mark. The token’s price increased significantly in late October, rebounding from a local support of $3.12. This resulted in a 113% rise in the Filecoin price over 75 days, reaching $7.3. A breakout from the triangle pattern on December 31st further indicates the initiation of a new uptrend. A 5.75% surge further supports the breakout, suggesting 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.
Klaytn (KLAY) Price
Klaytn (KLAY) has been on a recovery trend since late September 2020, with the coin price starting from a low of $0.107. This rebound led to a 158% rise in the token’s value, reaching a new yearly high of $0.278. Despite the bullish trend remaining intact, 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, hinting at a resumption of the upward trajectory. A double-bottom reversal pattern has also emerged on the daily chart, suggesting a 62% increase in price towards the neckline resistance at $0.37. A breakout from this pattern would further confirm a trend reversal, with the 50 EMA slope providing support for Klaytn’s continued price growth.
