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
Cryptocurrency trader @Cryptoboss1984 outlined a 1INCH chart, stating that there is an ongoing triangle breakout. As seen above, the breakout has already transpired.
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.
Conclusion
To conclude, 1INCH is expected to increase towards the current all-time high resistance. Afterwards, a breakout is expected.
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