1INCH price coils up for an explosive breakout to $1

1INCH (1INCH) price is very much stuck in a descending trend channel with no real hope of breaking out any time soon. It becomes clear that a technical catalyst will not do the trick and need something more substantial. The talk of the town the past few days has been that several altcoins related to gaming could see a pickup from investors as the ASEAN Gaming Summit started on Tuesday and will last until the end of this week.

1INCH price needs external forces to meddle with the price action for that breakout

1INCH price is still down roughly 50% from the high of May last year when some very volatile action saw it flirting with $1 on the topside. Looking at the reaction on breaking the 200-day Simple Moving Average (SMA) in February shows as well that bulls were too quick to cash in profits and were not involved from an investor point of view. To get out of this rut, an external force needs to come in and create an all-around positive vibe around 1INCH and its competitors in altcoins.

That positive vibe could come from the ASEAN Gaming Summit that started on Wednesday and should put the spotlight on altcoins as several developers are set to unveil a whole new sector of games that use web3 and blockchain networks as core to the gaming application. Coincidentally, demand for altcoins should grow and see broader investor inflow soon. That could mean a pop higher toward $0.70. In May, the London Blockchain Conference could be the cherry on the cake that triggers a breakout trade out of the trend channel and brings 1INCH back to $1.

1INCH/USD  4H-chart    

The bigger risk for 1INCH is that a few altcoins have already seen investor inflow beforehand and have seen their representation being picked up by investors. Adding to that, any experienced investor or trader will have this descending trend channel on his screen as well. That could be a reason why 1INCH is falling out of grace from the investors and might not make the cut or shortlist and see other altcoins advance while 1INCH keeps lingering between the declining barriers of this trend channel toward $0.20.