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Cryptocurrency News Articles

1inch [1INCH] Extends the Gap from Recent Lows, But Will This Recovery Be Short-Lived?

Nov 07, 2024 at 03:30 pm

1inch [1INCH] extended the gap from its recent lows in the last 24 hours. This was courtesy of the new found excitement related to Trump winning the

1inch [1INCH] Extends the Gap from Recent Lows, But Will This Recovery Be Short-Lived?

1inch (1INCH) showed signs of recovery from recent lows on November 23. This followed news of Donald Trump winning the U.S elections, which sparked excitement among crypto enthusiasts.

1INCH had been attempting to break out of a bottom range since August, having lost most of its gains over the past year. The latest recovery attempt began after 1INCH retested a key support line at $0.22. This retest also sparked a 15% rally from the bottom.

Moreover, 1INCH bounced off the same support line in September 2023 and went on to rally by over 200%. At the time, it also showed signs of consolidation.

After another round of massive sell-offs in 2021, 1Inch’s Total Value Locked (TVL), once above $2 billion, never recovered. At the time of writing, 1inch had a TVL of $4.5 million.

1inch’s token liquidity also faced the brunt of the outflows in 2023. From a peak liquidity of $48.79 million in November 2022, 1inch token liquidity dropped to less than $5 million.

1Inch’s on-chain volume has also failed to make a comeback. For perspective, the network averaged well over $100 million in daily on-chain volume between January and May 2021. However, achieving such figures has been a distant dream since then.

There were, however, a few isolated incidents where on-chain volume did spike above $100 million this year. The last of these occurred in September. This could indicate that the network might be able to experience a demand resurgence in case the market does enter a major rally.

The data, nevertheless, confirmed that 1inch has been operating at a fraction of its peak performance levels. A major reason for this could be the growing competition from newer and more efficient DeFi platforms.

News source:ambcrypto.com

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