Exclusive 1INCH, ICX, YFI Complete Corrections and Aim for New Highs

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In Brief
  • 1INCH reached a new all-time high on May 5.

  • ICX has completed a running flat correction.

  • YFI has broken out from the $52,000 area.

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1Inch (1INCH) completed its correction on April 23 and reached a new all-time high price on May 6.

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Icon (ICX) has completed a running flat correction and is in the process of breaking out. 

YFI has moved above the $52,000 resistance area and is aiming for a new all-time high price.

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1INCH

1INCH has been moving upwards since April 23, when it completed its correction. The increase accelerated on May 5, and the token reached a new all-time high of $7.56 the next day. This caused a breakout from an ascending parallel channel.

Technical indicators do not yet show weakness. This is especially evident by the bullish cross in the Stochastic Oscillator.

While the coin has reached the first potential reversal area at $7.60, it would be more likely that it increases all the way to the next one at $9.96.

Chart By TradingView

Highlights

  • 1INCH has broken out from a parallel channel.
  • It reached a new all-time high on May 5.

ICX

ICX has been moving downwards since March 31, when it had reached a high of $3.04. The decrease continued until April 23, when the token bounced at the support line of an ascending parallel channel. It has been moving upwards since. 

The movement between Feb. 18 and April 23 looks like a completed running flat correction. In addition, it is combined with hidden bullish divergence in the RSI. 

Potential targets for the top of the upward movement are found at $4.09 and $4.76, respectively. The latter is also a horizontal resistance level.

Chart By TradingView

Highlights

  • ICX has completed a running flat correction. 
  • The next resistances are found at $4.09 and $4.72, respectively.

YFI

YFI has been increasing since April 25, when it reached a low of $37,644. Shortly afterwards, it reclaimed the $52,000 area and is close to reaching a new all-time high. 

Similarly to ICX, the movement in February-April looks like a completed running flat correction. In addition, the C wave is truncated, since it failed to reach the support line of the channel. 

Technical indicators are bullish. The MACD & RSI are increasing, while the Stochastic Oscillator is close to making a bullish cross. 

Therefore, YFI is expected to continue moving upwards. 

The next closest resistance levels are found at $62,450 and $77,800. They are found using an external Fib retracement on the most recent drop.

Chart By TradingView

Highlights

  • YFI has moved above the $52,000 resistance area.
  • The next resistances are found at $64,450 and $77,800.

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

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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