1inch is currently roughly 20% short from its ATH of 3.08, it has gained a massive ~89% since 10th January. The bullish trend is still intact and In smaller TF’s, it is trading in a rising channel formation and continuously making higher highs and higher lows. At the time of writing, it has dipped more than 11% on daily basis.
On the higher side, it is facing resistance from the upper band of its rising channel which is placed at 2.72. Bulls have tried to breach this level twice, but are unsuccessful up until now. However, if it closes above this level on the closing basis, fresh buying can be witnessed till the first target of 3.00, followed by new ATH.
As the overall trend is still bullish, therefore any correction should be considered as a buying opportunity. The nearest support level is present at 2.25 if it breaks this support also, next major buying strength can be witnessed at 2.07, followed by 1.9.
MACD is showing mild weakness in the trend in the smaller TF’s(4Hr), the market structure should remain positive as long as sit sustains above 2.00. For further upside, closing above the level of 2.72 will act as a confirmation for further upside.
On the higher side, it is facing resistance from the upper band of its rising channel which is placed at 2.72. Bulls have tried to breach this level twice, but are unsuccessful up until now. However, if it closes above this level on the closing basis, fresh buying can be witnessed till the first target of 3.00, followed by new ATH.
As the overall trend is still bullish, therefore any correction should be considered as a buying opportunity. The nearest support level is present at 2.25 if it breaks this support also, next major buying strength can be witnessed at 2.07, followed by 1.9.
MACD is showing mild weakness in the trend in the smaller TF’s(4Hr), the market structure should remain positive as long as sit sustains above 2.00. For further upside, closing above the level of 2.72 will act as a confirmation for further upside.
Note
1st target= 3.00USDT done in 1inch, but wait for it to breach its ATHTrade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.