- 1inch Token has been trading in an uptrend with a positive sloping trendline as support
- The token was in a descending parallel channel before doing a reversal
- The coin has broken a long term support and is trading above it along the uptrend
1inch Token has been trading in trend zones on the daily chart. The coin was trading in a parallel channel with a negative slope towards the beginning of this month and the coin reached support at $ 1.96. The coin since then has reversed to a bullish trend and hasn’t made any correction yet. The coin has been following a support trendline with a positive coefficient over the last few trading sessions. The coin broke a support line standing at $ 2.33. The Stochastic chart is hinting at a reversal in the trend with the averages gaining on a negative slope. The volumes have been good on average over the last few days.
1inch Token has been trading in an uptrend during the past several hours. The token has completed a symmetrical wedge on the hourly chart and the current momentum seems biased towards a bearish breakout from the pattern. The Moving Average Convergence Divergence (MACD) indicates bearishness with the formation of bearish red candles and the signal lines very close to the mean level. The coin was earlier in a parallel channel. After breaking from the pattern the coin has made a strong upward move and the move is at the point of testing at the moment.
Conclusion:
The token is on an uptrend and broke a crucial resistance which acted as the support for the coin for a long period of time. The token has formed a symmetrical wedge on the hourly chart and the coin’s momentum is crucial for any directional reversals.
Support: $ 1.96
Resistance: $ 2.50
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