Incent Seems to be Near the BottomRecently Incent has reached to low at $0.126, where it has rejected the 527.2% Fibonacci retracement level applied to the corrective wave after the descending channel breakout. On a daily chart, price has also rejected the lower trendline of the extended descending channel, although produced few spikes below.
But now INCNT/USD formed the resistance at $0.214, that has been rejected two consecutive times. Incent has entered the consolidation phase and its unclear how long it'll continue. But the support at $0.126 and resistance at $0.214 should be watched closely as break above or below should result in the continuation of that direction.
If INCNT will stay below the resistance and breaks the support, price might continue going lower tot est next Fib support at $0.092, On the other hand break above the resistance is likely to result in the corrective move upwards towards the 78.6% Fibs at $0.35.
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Incent 400% Growth PotentialAfter reaching an all-time high at $1.12, Incent sharply corrected down to $0.16, losing 85% to USD. However, price found the support at $0.25 as the weekly closing price remained above that level and this is the price where the triangle was previously rejected after the breakout.
Currently, INCNT/USD is trading around $0.25 support, that could prove to be a good entry point for investors. The growth potential for Incent remains as high as 400% in the medium term, as the upside target is seen at $1.23, where double Fibonacci formed a strong resistance.
On the downside, the support area remains between $0.25 and $0.125 and Incent could get lower once again, but only break and close below $0.08 could invalidate bullish outlook.
Incent Approaching Key ResistanceSince Incent reached the bottom at $1.6 price has been rising consistently and already went up by 110%, while currently trading at $0.34. During the rise, INCNT/USD formed Head And Shoulders pattern and broke above the neckline trendline, followed by the break above the 200 Moving Average.
Clearly, the short-term trend is upwards and Incent is yet to test the key resistance at $0.38. This is the 23.6% Fibonacci retracement level applied through the all-time high. When/if it will be reached the Head and Shoulders pattern will be completed.
The most important will be the reaction of the market after the target is reached. Break above should confirm the long-term growth while rejection could result in a corrective move down.
Incent Can Offer You IncentiveIncent has been ranging for an extended period of time although recently it has shown good performance while rising from $0.05 up to $1. Price established an all-time new high and it seems that the upside momentum is just getting stronger.
INCNT/USD broke above the 227.2% Fibonacci resistance and continues to trade above the 200 Moving Average. With the higher highs and higher lows being printed, the price is expected to rise up to one of the Fibonacci resistance levels, with the final target being at $3.48. Only break and close below the 200 MA could invalidate bullish outlook.
