1inch (1INCH) price is up 16% in the past 24 hours as of 8:45am ET on Thursday, with the cryptocurrency seeing huge buying pressure to invalidate a bearish formation that appeared after breaking lower mid-March.
The 1INCH/USD pair is trading at its highest price level since 1 March, and the last 24 hours have been the best for bulls since 21 February 2023.
1INCH price breakout – what’s the short term target?
The bounce from lows of $0.48 on Monday had the 1INCH/USD pair just shy of the $0.60 resistance level, with the technical picture suggesting bulls have taken control. Indeed, the bullish breakout has 1INCH price sporting a 4% green candle on the hourly time frame as prices of major coins reclaim key levels.
As can be seen in the chart below, 1inch price has soared with three consecutive daily green candles and both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) on the daily chart indicating bulls have an upper hand.
1inch price chart showing huge breakout in past 24 hours. Source: TradingViewMarket data shows massive open interest for 1inch. If bulls sustain the upward momentum, a breakout above $0.60 could see the 1inch token target the next major resistance zone near $0.68.
The psychological $1 level is a key area of interest in the short term, especially given 1INCH traded to its all-time high of $8.65 in October 2021.
1INCH price: what’s the bearish scenario?
At current prices, 1INCH is trading at levels likely to attract profit booking from some investors. The outlook could come into play if rejection at current highs sees the support at the 100 day simple moving average pierced.
The case is also suggested by the upward sloping RSI, which is trending towards the overbought territory. This means that should bears retake initiative, a breakdown at $0.48 would risk further losses to the $0.43 area.
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