- The 1inch Token breaks out of an ascending triangle pattern and preps to rise higher after retesting the $3.5 level.
- The 1inch coin price is trading above the 50 EMA with a high chance of Golden crossover in the 4-hour timeframe.
- The 1inch/BTC pair trades at 0.0001036 BTC with an intraday boost of 16%.
The 1inch Token resonated inside an ascending triangle after taking support from the $2.1 level, implying an underlying bullish sentiment. The coin price has broken out of the pattern with a sudden burst of buying volume in the technical chart.
The coin price hints to continue the uptrend after retesting the pattern’s resistance, but one can not ignore the rejection from the 200 EMA. Presently, the 1inch Token trades at $3.77 with an intraday boost of 14.81% in market capitalization. The coin price amazed investors with a 131% boost in intraday trading volume.
1inch Token Ready To Attract Big Players And Head Higher
1inch token price had created a double bottom in the daily timeframe with the support of $2.35 level. The recent boost in buying pressure has resulted in the pattern’s breakout implying a further up move followed after a retest.
The coin price might find resistance from the $5.1 and $6.6 after the Daily 50 EMA. The support levels of $2.35 and $1.4 rest below the $3.5 level. Investors must wait till the coin price sustains above the $3.5 level for at least 24 hours.
The coin price is trading between the 4-hour 50 EMA and the 200 EMA. It has recently faced opposition from the 200 EMA, but the increasing slope of the 50 EMA brings hope for the Golden Bullish Crossover.
The RSI (Bullish) indicates bullish momentum while trading at 50. The RSI line spiked and continues to head higher into the overbought zone.
The ADX reflects a slight increase in trend momentum as the price breaks out of two bullish patterns.
Conclusion – 1inch Token has broken out of two bullish patterns coupled with the 131% rise in intraday trading volume that might attract investors. However, the failure of retest might spoil all the plans laid by the bulls. Investors might find it profitable to enter only after a successful retest.
Support- $2.35 and $1.4
Resistance-$5.1 and $6.6