1INCH Breaks Past March Swing High, Here’s Where It Goes

Disclaimer: The findings of the following analysis are the only opinions of the writer and should not be considered investment advice

1inch Network does not have a large share of decentralized exchange space, but it has also not been subject to major price fluctuations. Indeed, on longer time frames, the 1INCH token has been in a steady downward trend since mid-November, just like most other altcoins. Over the past month, the price has fluctuated from $1.54 to $1.25, but the previous day’s price action indicated that this could have changed.

1INCH-1H

Source: 1INCH/USDT on TradingView

The $1.55 area has been a landing zone for 1INCH since mid-February. Since then, the $1.55 (cyan box) area, as well as the $1.47, have offered significant resistance to the bulls.

Those levels were breached the previous trading day as the price broke past these two zones and also past the $1.61 level of former resistance. A retracement to the $1.47-$1.55 area can be expected in the hours following press release, and likely offers buying opportunities.

Further north, the $1.75 and $1.99-$2 regions are expected to serve as resistance. A rally into those areas seemed likely as the market structure has a bullish tendency after moving past $1.55.

rode

Source: 1INCH/USDT on TradingView

On the hourly chart, the RSI has been above the neutral 50 level for most of the past week. The Awesome Oscillator was also well above the zero line to reflect strong bullish momentum.

Over the same period, trading volume has increased, meaning market participants are seeing the token awaken and position itself accordingly.

The OBV also steadily ticked up, so that the buying volume was greater than the selling volume. This was inherently bullish for prices.

Conclusion

The market structure was bullish as the $1,556 level broke, and the indicators also showed momentum and demand was well behind the token’s rally. The $1.47-$1.55 area could be revisited in search of demand/liquidity hence traders can buy the asset in this area. Well, the take profit targets are $1.75, $1.84 and $1.99-$2 levels.

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