April 13, 2021

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1INCH Breaks Out and Aims for New All-Time High

2 min read

The 1inch (1INCH) price has been decreasing since reaching a new all-time.

The breakout from the current resistance suggests that 1INCH is expected to increase towards a new all-time high (ATH).

Ongoing 1INCH breakout

On Feb. 5, 1INCH reached an all-time high price of $6.33 and began to move downwards. Afterwards, the decrease followed a descending resistance line. 

Then, the token made five unsuccessful breakout attempts before it was finally successful in moving above the line. 

Currently, it is in the process of re-testing the breakout as support. Consequently, it has reached the first potential bounce level, which is the horizontal support at $5.05. If not, the descending resistance line is found at $4.50. 

Therefore, one of these two levels is expected to provide a bounce.

Technical indicators in the daily time-frame are bullish. The RSI has crossed above 50. The Stochastic oscillator has made a bullish cross. 

Thus, the token is expected to increase towards the aforementioned all-time high at $6.33. After this, a breakout could occur. In that case, the next resistance would be found at $8.36.

1INCH Movement
Chart By TradingView

Wave Count For 1INCH

Cryptocurrency trader @Cryptoboss1984 outlined a 1INCH chart, stating that there is an ongoing triangle breakout. As seen above, the breakout has already transpired.

1inch Movement
Source: Twitter

Anyhow, the wave count can help in identifying the potential target for the ensuing movement.

According to it, 1INCH is in wave five (white) of a bullish impulse. The sub-wave count is given in orange, indicating that the token is in sub-wave three, after completing a running flat correction.

As was previously stated, a potential target is found at $8.36. Additionally, when using a Fib projection on sub-wave 1-3 we can find another potential target of $9.19. 

Therefore, the token is likely to increase towards a range of $8.36 to $9.19.

1INCH Wave Count
Chart By TradingView

Conclusion

To conclude, 1INCH is expected to increase towards the current all-time high resistance. Afterwards, a breakout is expected.

For BeInCrypto’s latest BTC (BTC) analysis, click here.

The post 1INCH Breaks Out and Aims for New All-Time High appeared first on BeInCrypto.

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