- 1inch price close to breaking its resistance level of $1.46.
- Binance Labs, Pantera, and other companies invest over $14 million in 1INC.
As a result, DeFi startups continue to grow in volume every day. New projects pop up all the time. One of the newest members of the DeFi family is called 1inch (1INCH).
1inch positions itself as the leading data aggregator of decentralized exchanges (DEX’s). Its technology enables the network to provide the best swap prices from various crypto exchanges instantly. Hence, users in the platform save time and funds by gaining access to the best DEXs that offer the lowest fees.
Do you think this crypto will be a profitable investment? Let’s find out in this CoinQuora 1inch (1INCH) technical analysis and price prediction article. But before anything else, let us know more about 1inch.
What is 1inch?
The 1inch token (1INCH) is a cryptocurrency that runs under the Ethereum blockchain. It was founded by Sergej Kunz, a former software engineer at Porsche, and Anton Bukov, a former smart contract developer at NEAR protocol.
In terms of investment, the 1inch project raised over $14 million from companies such as Binance Labs and Pantera to name a few.
Aside from its successful investments, 1INCH also established good partnerships with Tron and XBTC. This collaboration enables the network to provide a faster and cheaper service with high-throughput scalability.
Moreover, the network’s token is already listed with crypto exchanges such as Binance, OKex, and Huobi Global. This means that token holders can now easily transfer and trade their funds at the exchange of their choice.
Now that we are knowledgeable about what is 1inch, let us head to our 1inch market analysis and price prediction.
1INCH Price Analysis 2021
Few hours after its launch, the crypto managed to boost its market capitalization to almost 155 million dollars. Would this be enough to make 1INCH a profitable investment this year?
In this graph above, we can see that the crypto is showing less market volatility. As a result, the platform’s trading volume boosted to over $600 million a few hours after its launch. Currently, 1inch trades at a high price of $1.24 within the Arnaud Legoux Moving Averages (ALMA) indicator. If this goes on, the crypto might have the chance of reaching the price of $1.31. It could even go beyond and break its $1.46 resistance level if the market continues to favor the crypto.
However, if the price of the crypto slides below ALMA, 1inch could experience a price decline. Its trading price could fall as low as $1.09. In this case, the bulls must be able to quickly regain their composure and climb back to an uptrend position. Otherwise, the bear might pull the price of the crypto down to their support level price of $1.04, a price level that could cause FUD among its investors.
On the other hand, the moving average convergence/divergence (MACD) of the crypto is still moving above the signal indicator. This means that the crypto still has the upper hand against the bears and can continue its bullish escapade.
Meanwhile, the relative strength index (RSI) of the crypto is neither oversold nor overbought. In this case, 1inch must grab this chance to secure more investors on its platform. This is to support its bullish rally against its competitors and the market challenges in the crypto world.