1INCH Technical Analysis: Will Bulls Outgrow the Falling Channel?
Key technical points:
Past Performance of 1INCH
The 1INCH coin price shows a price jump of 20% from $1.25 to $1.55, including the short retracement from the resistance trendline. The resistance trendline forms a falling wedge pattern in the daily chart. Hence, the rejection haunts a bearish retracement to the support trendline below the $1.25 mark.
Source-Tradingview
1INCH Technical Analysis
1INCH coin price action gives off a bearish vibe as the selling pressure grows at the confluence of the 50-day EMA and the resistance trendline. However, the recent Doji candle formations tease another bullish attempt.
The crucial EMAs (50, 100, and 200) project a bearish alignment and showcase a recent fakeout of the 50-day EMA due to the resistance trendline. However, another breakout will increase the chances of a jump to the 100-day EMA.
RSI Indicator: The RSI slope continues to trend diagonally in the nearly overbought after the recent spike surpassing the halfway mark.
MACD Indicator: The MACD and signal lines show a crosswise move as they approach the central line. However, the falling distribution of the MACD histograms showcases a fall in buying pressure.
In a nutshell, the 1INCH technical analysis keeps a neutral vibe.
Upcoming Trend
1INCH coin price will reach the 100-day EMA close to the $2 mark if the bulls outgrow the falling wedge pattern. However, the price action confirmation is a must before picking a trade.
Conversely, the reversal will nullify the breakout approach and result in a price fall to the $1.25 mark.
Support Levels: $1.50 and $1.25
Resistance Levels: $2 and $2.40
