Incent (INCNT)
Market Cap: $15.13M
Circulating Supply: 46.02M INCNT
Max Supply: 0 INCNT
Volume (24h) $45.70K
Price is trading in the red right now and is about to reach a very strong dynamic support again. INCNT/BTC erased yesterday’s impressive gains signalling that it continues to remain under massive selling pressure.
The outlook remains bullish on the Daily chart despite the current drop. INCNT/BTC could still increase if the rate will be rejected by the near term dynamic support. The uptrend is still unharmed, that’s why I’ve said that it could increase.
The next few days will be crucial because a breakdown will attract more sellers. A false breakdown or a rejecting from the uptrend line will send the rate towards the inside sliding line (SL) of the descending pitchfork. It could take this out if it will close on it.
Only a valid breakout above the sliding line (SL) will announce an important upside movement. Personally, I believe that a breakout above the sliding line (SL) will send the rate much above the UML. So, the bias will remain bullish as long as the rate stays above the uptrend line.
INCNT/BTC failed to retest the 50% Fibonacci line (descending dotted line) signalling that this could be only a temporary drop.
Incent Price Chart (INCNT/BTC)Conclusion
It will increase further if it will stay above the uptrend line. A valid breakout from the descending pitchfork will bring us a great chance to go long on it with an upside target at the WL1.
