1Inch Price Breaks Resistance Hinting at New Bullish Momentum
1INCH price made a breakout above descending resistance signaling it likely started a new bull phase. Further confirmation awaited.
Key Takeaways
- Correction completed, forming a strong base at $0.22.
- Breakout signals bullish momentum with key levels reclaimed.
- RSI shows room for further growth before overbought conditions.
1INCH is recovering strongly after breaking out from a prolonged corrective phase that concluded at $0.22 in August.
The breakout marks the beginning of a new bullish phase, with the price reclaiming key Fibonacci levels.
1Inch Price Analysis
The daily chart for 1INCH’s price shows a strong recovery that started as a breakout from its recent corrective phase, initiated after the yearly high of $0.70 in March.
This corrective structure followed a completed five-wave impulsive Elliott structure from a low of $0.22 in August, returning the price to those levels.
The breakout from the descending channel marks a trend shift, but further confirmation is needed to validate this assumption. 1INCH is reclaiming key Fibonacci levels as it begins a new upward movement.
The price attempted to break above 0.618, spiking to $0.38, but the daily candle closed below $0.33. The Relative Strength Index (RSI) trends upward but remains below overbought levels, suggesting room for further gains. The immediate resistance lies at $0.39 (0.5 Fibonacci retracement), with a potential upside toward $0.45 and beyond if the bullish momentum persists.
Key Observations
- Completed Correction: The descending wedge ended with a low of $0.22, forming a strong base for reversal.
- Breakout Confirmation: 1INCH broke above-descending resistance and the 0.618 Fibonacci retracement, signaling bullish strength.
- Room for Growth: RSI indicates bullish momentum, with no immediate signs of overbought conditions.
1Inch Price Prediction
After completing a corrective ABC pattern, the 4-hour chart for 1INCH shows the formation of a bullish five-wave pattern that will be developed from the Sept. 4 low. The corrective phase bottomed out at $0.22, marking the start of a new impulsive wave.
Following the breakout above the descending resistance trendline near $0.28, the price has been moving in a clear, impulsive structure.
Wave 3 is forming or was completed, with the price approaching significant Fibonacci extension levels.
We expect further upside movement to the 1.618 Fibonacci level at $0.42. A temporary pullback in wave 4 could occur before wave 5 completes the larger impulsive structure to a higher high of $0.48, validating the starting bull phase.
Key Levels to Watch
- Immediate Support: $0.30 (wave 1 high).
- Upside Targets:
- $0.37 (1.272 Fibonacci).
- $0.42 (1.618 Fibonacci extension).
- $0.48 (2.0 Fibonacci extension).
- Critical Resistance: $0.54 (2.272 Fibonacci extension and major resistance zone).
A pullback toward $0.30 could provide a strong base for wave 5, increasing the price. Sustained momentum above $0.42 could confirm the continuation of the bullish trend, with the next target at $0.48.
Conversely, a break below $0.30 might signal the end of the impulsive wave and a return to consolidation.
