1INCH: Navigating the Decentralized Exchange LandscapeWhat is 1INCH?
1inch stands as the bedrock of the 1inch Network, an ingenious decentralized exchange aggregator. Designed to optimize crypto prices across decentralized exchanges, the platform ensures users get the best deals. The 1INCH token, launched in December 2020, powers this ecosystem. The primary method to earn 1INCH tokens involves providing liquidity on the 1inch liquidity platform.
Historical Price Analysis:
Entry to the Scene: 1INCH debuted on OKX on December 25th, 2020, immediately marking its presence with a 51% surge. However, this was followed by a 55% correction within the first five days.
Formation of Crucial Levels: A vital support range materialized at $.9785 - $1.1120.
Monster Rally: The subsequent 115 days saw a staggering 530% rally in 1INCH's price. During this period, fresh support levels emerged at $1.65, $2.05, $4.5735, and $5.3635.
Resistance and Correction: A significant resistance formed at $7.50, leading to a precipitous 75% correction within 15 days. A subsequent rebound from $1.65 ushered in a second rally, culminating in 1INCH's all-time high (ATH) of $11. Notably, the ATH's initial candle exhibited a rapid 180% surge in a single day, with 50% of this gain relinquished on the same trading day.
Present Market Situation
Prolonged Sell-Off: Since October 27th, 2021, 1INCH has grappled with an enduring sell-off. The breach of the last major low on August 18th, 2022, marked the establishment of a formidable resistance/downtrend.
Emergence of Supports: New support levels have come into play, previously set at $.5555, $.3825, $.2335, and the current all-time low (ATL) of $.2005.
Current Position and Signals
Persistent Bearish Trend: 1INCH has been entrenched in a bearish trajectory since May 11th, 2021. A robust downward trend persists, punctuated by four significant attempts to break it, particularly the last two being substantial.
Bearish Indicators: Technical cues underscore the bearish sentiment: the 200 EMA remains above the 50 EMA, alluding to a bearish outlook. Furthermore, all three ROBO signals point to a sell-off, compounded by trading below the McGinley strip.
Identifying Potential Shifts:
Oscillator Insights: The oscillator, accompanied by a hyper wave, underlines money flow and directional momentum. A bell signaling the wave crossing below the 20 level implies potential buying activity, even within oversold conditions.
Implications and Predictions:
Actionable Insights: In the current landscape, initiating a short position isn't recommended. It necessitates confident breach of the level at $.2405, with a potential target of $.2335 (a 2%+ decrease). This might elicit increased buying activity. A key benchmark is reclaiming the $.2615 level.
Guiding Principle: Reacting to predictions, rather than predicting reactions, is essential in navigating the complex realm of 1INCH.
Note: It's important to conduct in-depth research and consider professional advice before making investment decisions.
