Bulls could not keep the growth rising for long, and all top 10 coins followed the sharp fall of Bitcoin (BTC).
1inch is the exception from the rule today as the altcoin could show enormous 38% growth over the last day against the fall of the whole market.
After the sharp rise, 1inch is currently facing a correction, which is quite a normal thing after such growth. The selling volume is increasing, which means that the coin may once again touch the local support at $5.25, so bulls could get more power for a continued rise.
On the bigger time frame, the correction may last longer if bulls do not come back to the vital level of $6 and fix above it.
The nearest support at which a bounceback may occur is the formed mirror level at $4.548. In case the bears break it, the drop may continue to the zone of the most liquidity around $3.
On the daily chart, 1inch made a false breakout of the resistance at $6.65. The growth has been accompanied by a high trading volume, which means that bulls are ready to keep the ongoing rise going.
However, before that happens, there is a chance to see the test of the support at $4.118. All in all, the mid-term scenario remains bullish until the altcoin trades above $4.
1inch is trading at $5.454 at press time.