In my last analysis I expected it would hold the 1.04 support area and consolidate from that point for a potential upswing. However, we seen it broke down to lower levels which made the previous support a resistance area and a potential support area forming around the 0.86 level. Do consider 1INCH is a new token, so you are very limited TA-wise.
At the very least we can analyse the different potential scenario's. If we see it consolidate on the potential support area, we might see the trend follow the green arrow. Ideally, we'll see it retrace upwards from here.
If it follows the original downward trend and not respect the falling wedge, we'll see the trend follow the red arrow and see even lower low's. This is a common pattern with new tokens where it flies to an ATH and slowly bleeds downward. Do not get trapped, wait for it to consolidate before taking any positions. If you consider taking any positions, do not forget to set a tight stoploss.
Trade safely.
At the very least we can analyse the different potential scenario's. If we see it consolidate on the potential support area, we might see the trend follow the green arrow. Ideally, we'll see it retrace upwards from here.
If it follows the original downward trend and not respect the falling wedge, we'll see the trend follow the red arrow and see even lower low's. This is a common pattern with new tokens where it flies to an ATH and slowly bleeds downward. Do not get trapped, wait for it to consolidate before taking any positions. If you consider taking any positions, do not forget to set a tight stoploss.
Trade safely.
