1INCH Crypto Soars 152% in 2023, Outshining Majority of Crypto Assets

Despite a challenging market, 1INCH crypto outperformed 84% of top 100 crypto assets last year, surging 152% from its lowest point. However, the token faces uncertainty after a significant decline from its peak, waning market dominance, and bearish technical indicators.

1INCH Crypto Surges by 152% in 2023, Outperforming Majority of Top Crypto Assets

In a remarkable development, 1INCH crypto has emerged as a top performer in the cryptocurrency market, outpacing 84% of the top 100 crypto assets over the past year. The surge in its value has been particularly significant, with a 152% increase from its lowest point (source: CoinMarketCap).

Despite its promising initial performance after its token sale, Immutable X (IMX) crypto has encountered uncertainty despite consistently reaching new highs. A sharp decline from its peak, combined with diminishing social dominance and bearish technical indicators, suggests ongoing market volatility and potential profit-taking.

1INCH Network Token's Key Market Statistics

Over the past year, the 1INCH Network token has experienced a 6% increase in its trading price. Its high liquidity, evidenced by a market cap resulting in a volume/market cap ratio of 7.01% (as per CoinMarketCap), provides a favorable trading environment.

The market cap of the 1INCH Network token has witnessed a 6.5% surge in the last 24 hours, with a modest 1.6% increase in its trading volume. The traded volume value is $43.77 million, while the market cap value stands at $637.148 million. The crypto currently ranks 131st in terms of market capitalization.

The volatility of the crypto is high, at 12.10%, while its market dominance remains at a modest 0.02%. The overall sentiment for the token is bullish.

Circulating and Total Supply

The current circulating supply of 1INCH crypto is 1.145 billion, with a total supply of 1.5 billion. The fully diluted market cap is $835.16 million, and the circulating supply market cap is $637.317 million.

1INCH Network Token Derivatives Analysis

An examination of the liquidation chart for the 1Inch Network token reveals that sellers have been active in recent days, with consistently higher long liquidations. Additionally, the derivatives trading volume has increased by 7.6% over the past 24 hours, with a value of $57.08 million. Open interest has also risen by 8.85%, indicating trader engagement with the crypto.

In the last 24 hours, buyers have gained dominance, resulting in higher short liquidations. Short liquidations were valued at $30.45K, compared to long liquidations of $21.37K.

1Inch Network Blockchain Analysis

The total value locked (TVL) for the crypto has remained stable, hovering around its average for an extended period. Token liquidity has declined to certain lows, while development activity has been consistent but has recently seen a decrease in the number of developers.

Market Cap vs. Total Open Interest

The open interest of the crypto initially rose to certain highs, followed by a surge in its market cap. However, the market cap has been declining slightly over the past few days.

1INCH Crypto Technical Analysis

The 1INCH token price had been trading within a falling wedge pattern, which was successfully broken above a few months ago on the weekly chart. Since the breakout, the token has gained 100%, but further upside potential remains, as resistance levels are significantly higher.

The token's price is currently trading between the 20-day and 50-day Exponential Moving Averages (EMAs), while the 50-day and 200-day EMAs are in a golden cross formation. A further breakout above the 50-day EMA, followed by a previous swing high breakout, is a key technical signal to watch.

The Moving Average Convergence Divergence (MACD) is also in a declining phase, with the MACD and signal lines in a bearish cross. This suggests a potential retracement in price, although the MACD indicators are still above the zero level.

The Relative Strength Index (RSI) for the token is also declining from higher levels after breaking below the 14-day Simple Moving Average (SMA) line. This behavior further indicates a loss of momentum for the crypto.

Summary

1INCH crypto, which was previously trading within a falling wedge pattern, has recently broken out, resulting in a substantial 100% gain. While it currently faces resistance, there is potential for further upside movement. Despite a recent decline in its market cap, rising open interest indicates bullish sentiment among market participants. Technical indicators, including a golden cross and positive volume trends, suggest the potential for continued bullish momentum.

Technical Levels:

• Support Levels: $0.200 and $0.350
• Resistance Levels: $0.900 and $1.380

Disclaimer:

This article is solely for informational purposes and does not constitute financial, investment, or any other form of advice. The author and any individuals mentioned in the article bear no responsibility for any financial losses incurred as a result of investing or trading based on the information provided. Comprehensive research and due diligence are strongly advised before making any financial decisions.