Bulls could not keep the growth rising for long, and all top 10 coins followed the sharp fall of Bitcoin (BTC).
1inch/USD
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.
Godfrey Benjamin
Alex Dovbnya