Recently Incent has reached to low at $0.126, where it has rejected the 527.2% Fibonacci retracement level applied to the corrective wave after the descending channel breakout. On a daily chart, price has also rejected the lower trendline of the extended descending channel, although produced few spikes below.
But now INCNT/USD formed the resistance at $0.214, that has been rejected two consecutive times. Incent has entered the consolidation phase and its unclear how long it'll continue. But the support at $0.126 and resistance at $0.214 should be watched closely as break above or below should result in the continuation of that direction.
If INCNT will stay below the resistance and breaks the support, price might continue going lower tot est next Fib support at $0.092, On the other hand break above the resistance is likely to result in the corrective move upwards towards the 78.6% Fibs at $0.35.
But now INCNT/USD formed the resistance at $0.214, that has been rejected two consecutive times. Incent has entered the consolidation phase and its unclear how long it'll continue. But the support at $0.126 and resistance at $0.214 should be watched closely as break above or below should result in the continuation of that direction.
If INCNT will stay below the resistance and breaks the support, price might continue going lower tot est next Fib support at $0.092, On the other hand break above the resistance is likely to result in the corrective move upwards towards the 78.6% Fibs at $0.35.
Trade closed: target reached