TradeCityPro | INCH: Delving into a Leading DEX Project👋 Welcome to TradeCityPro!
In this analysis, I want to review the INCH coin for you. It's one of the DEX projects in crypto, active in the DeFi space, and considered one of the successful projects in this category.
📅 Weekly Timeframe
As you can see in the weekly timeframe, after its launch, the price began a downward trend and is currently in a consolidation box between $0.2098 and $0.6270.
⚡️ The bottom of this box is a very important support, arguably the only and last support for this coin. Conversely, the top of this box, as you can see, is a very strong supply zone. The price has approached this area several times with high momentum, but it has been rejected each time and returned to the bottom of the box.
🔍 Currently, as you observe, the price, after being rejected from this level, has moved downward and reached the bottom of the box, where it has been ranging for about three weeks. If this bottom breaks, the price could move lower and set a new all-time low (ATL), which would worsen the project's situation.
📈 However, if the price can rise from this area, finally moving upwards and breaking the supply zone, it could successfully start its bullish trend after several years.
🚀 The targets for the bullish trend are initially at $0.8438 and then at $2.0175. The ATH area is at $7.1331, which seems far from the current price and out of reach unless the market cap of 1inch significantly increases.
📅 Daily Timeframe
In the daily timeframe, as we observe, we can see more details about the last downward movement. As you see, after entering the correction phase, the price first corrected to $0.3638. However, after stabilizing below this area, the next downward leg started, and currently, the price has reached $0.25 and has formed a small box between $0.25 and $0.2756.
🔽 For short positions, we have a very suitable trigger at $0.25, where if this area breaks, the price could move down to its main support at $0.2226.
✅ On the other hand, if this box that the price has formed breaks upwards and the price can stabilize above $0.2756, forming a higher low and higher high, we could say it has risen from the bottom of the box and could move higher.
💥 Overall, the price is in a very large weekly box, and any spot purchases and positions taken within this box are highly risky. So, be sure to not engage in excessive risk with this coin and wait until the large weekly box is broken either upwards or downwards.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
