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.
Wave Count For 1INCH
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.
Conclusion
To conclude, 1INCH is expected to increase towards the current all-time high resistance. Afterwards, a breakout is expected.
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Until next time, stay classy crypto world!
