1INCH Attempts Breakout Above Descending Channel as the Team Continues to Buy the Dip

1INCH was trading at $0.241 at the time of writing. The token has rebounded after hitting an all-time low of $0.214 as the rest of the market plunged.

1INCH was trading at $0.241 at press time. The token has seen a rebound from hitting an all-time low of $0.214 as the rest of the market took a nosedive.

Over the last two months, the team has spent $5.5 million to buy back 1INCH tokens at an average price of $0.245. Past trends have shown that the team tends to buy the bottom before selling high.

The behavior of this wallet has stirred interest in the token, and exchange data is now showing that fewer investors are interested in selling.

The uptrend is further supported by the On Balance Volume, which increased from 815M to 854M, an indication that buying pressure is strong and that the gains could extend.

1INCH is also attempting a breakout above the descending parallel channel. A significant uptrend will be confirmed if this breakout is sustained by consecutive green candles.

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