1INCH/USD - Going to $6 or will it cooldown?

1INCH has been tremendously resilient in the face of any dips in the market and pushed higher in a sustained gain as soon as we passed the previous ATH.

Now we are hovering around $5 with some indecision in price action on what to do next.

There are two possible scenarios as always, we continue up with a good target around $6 or we correct further towards $3.8 where we have good support as indicated by the Fibonacci lines and also the ascending channel we find ourselves in.

Falling out of this channel would be quite bearish and unlikely. Hence as we stand now, I remain bullish on 1INCH, but watch out for some potential correction towards support.

The indicators still look bullish to me, however there are some signs we may need some cooldown as indicated by the MACD histogram that has been ticking lower for the past day. There is no negative cross yet, but that could happen, we just need to be patient to let price guide us.

I would not enter now, we need to break our previous high first or fall to support. Those would be good entries.

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