1inch (1INCH): Whale strengthens accumulation, technical signals reinforce growth prospects

1inch (1INCH) continues to maintain a green color in trading on Tuesday, currently hovering above the 0.258 USD mark. Notably, this coin has just broken above the symmetrical triangle pattern – a technical signal often indicating the potential for strong growth, even reaching double digits. Additionally, on-chain data shows that large wallets are making a strong push for accumulation, further reinforcing the upward outlook for 1INCH.

Accumulation signals from large wallets indicate increasing confidence in 1inch

According to Supply Distribution data from Santiment, the bullish outlook for 1inch is being reinforced by the increasing accumulation trend from large-volume holding wallet groups.

Specifically, the "whales" holding between 10 million and 100 million 1INCH tokens ( green line ) along with the group of wallets holding 100,000 to 1 million tokens ( red line ) added a total of 140.52 million tokens just in the period from September 2 to Tuesday. In contrast, the wallets holding between 1 million and 10 million tokens sold about 23 million tokens during the same period.

1INCH Supply Distribution Chart | Source: SantimentThis development shows that while a portion of whales may have fallen into a state of "panic selling," the largest wallet group quickly seized the opportunity to accumulate at a discounted price, thereby providing further momentum for the uptrend of 1INCH.

Price Forecast for 1INCH: Bulls Dominate

On the 4-hour frame, 1inch has broken through the resistance level of 0.254 USD on Tuesday – which is also the upper edge of the parallel channel. This breakout gives a clear advantage to the bulls, opening up a technical target at 0.272 USD, determined based on the height of the price channel from the breakout point.

Before the price approaches this level, investors standing outside the market may consider looking for buying opportunities in the range of 0.258 – 0.254 USD. The stop-loss level can be set short-term around 0.249 USD, or extended to 0.245 USD – the midpoint of the price channel.

The RSI indicator on the 4-hour timeframe is currently at 68, surpassing the neutral threshold of 50 but not yet reaching the overbought zone, indicating that there is still considerable room for an upward trend.

1INCH/USDT 4-hour chart | Source: TradingViewOn the daily timeframe, the bullish trend continues to be reinforced. On Monday, 1inch broke above the descending trend line of the symmetrical triangle pattern, closing above the 50-day EMA at 0.253 USD. This development gives a clear advantage to the bulls, and by Tuesday, the price remains above 0.258 USD.

If the upward momentum continues, 1inch could aim for the resistance level of 0.302 USD, coinciding with the 61.8% Fibonacci retracement level from the June low at 0.157 USD to the July high at 0.391 USD.

Daily 1INCH/USDT Chart | Source: TradingViewTechnical signals are also supporting growth prospects: the RSI indicator has surpassed the neutral level of 50, indicating upward momentum, while the MACD just recorded a bullish crossover on Sunday, sending a buy signal and further strengthening the confidence of the bulls.

However, in the event of a correction, the support zone around 0.234 USD will serve as an important support point for 1INCH.

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