- 1INCH crypto price outperformed 84% of the top 100 crypto assets last year.
- The price of the crypto has advanced by 152% from its all-time low price.
Immutable X (IMX) crypto, with a promising start compared to its token sale, now faces uncertainty despite making higher highs consistently. A significant decline from its peak, coupled with waning social dominance and bearish technical indicators, suggests lingering market uncertainty and potential profit booking ahead.
The trading price of the token has just increased by 6% over the last one year. The crypto has high liquidity based on its market cap resulting in a volume/market cap ratio of 7.01% as per CoinMarketCap.
The market cap of the 1Inch Network token has witnessed an advance of 6.5% in the last 24 hours followed by a slight advance of 1.6% in the trading volume of the crypto.
The value of the traded volume for the 1Inch Network crypto is $43.77 Million. Moreover, the market cap value of the crypto is $637.148 Million and the market cap ranking of the crypto is #131.
The volatility of the crypto is very high resulting in 12.10% and the market dominance of the crypto is 0.02%. The sentiment of the token is also bullish.
The current circulating supply of the crypto is 1.145 billion 1INCH and the total supply of the crypto is 1.5 billion 1INCH. Moreover, the fully diluted market cap of the crypto is $835.16 Million and the circulating supply market cap of the token is $637.317 Million.
1Inch Network Token Derivatives Analysis
Looking at the liquidation chart of the 1Inch Network token it can be clearly seen that the sellers have been over the last few days. This is because the crypto has been consistently witnessing higher long liquidations over the last few days.
Furthermore, the derivatives trading volume for the crypto has advanced by 7.6% in the last 24 hours. The value of the traded volume for the crypto is $57.08 Million. The open interest has also increased by 8.85% indicating engagement of the traders in the crypto.
Over the last 24 hours, the buyers have been dominant as the crypto has witnessed higher short liquidation. The short liquidation for the crypto is worth $30.45K against the long liquidation of $21.37K.
1Inch Network Blockchain Analysis
The total value locked for the crypto is constant and is trading at its average for a long time. The token liquidity has also declined to certain lows while the development activity in the crypto is consistent followed by a drop in the number of developers.
MarketCap Vs Total Open Interest Of the 1INCH Network
The open interest of the crypto advanced to certain highs followed by the advance in the market cap of the crypto. Despite this, the market cap of the crypto has been slightly declining over the last few days.
1INCH Crypto Technical Analysis
The 1INCH token price was trading inside a falling wedge pattern and the price further broke out above the pattern a few months ago on the weekly chart. Since the break out, the price of the token advanced by 100% but a further rise is possible as the resistance for the crypto is at higher levels.
1INCH/USD Chart by TradingView.com
The price of the token is trading between the 20 and the 50-Day EMA while the 50 and the 200-Day EMAs are trading in a golden cross. The price further needs to break above the 50-Day EMA followed by the previous swing high breakout.
The MACD also is in a declining phase as the MACD and the signal line are trading in a bearish cross. This further indicates a retracement in the price as the factors of the MACD indicator are trading above the zero level.
The RSI for the token is also declining from the higher levels following the breakdown below the 14-Day SMA line. The following behavior again indicates a decline in the momentum of the crypto.
Summary
1INCH crypto, trading within a falling wedge pattern, recently broke out, advancing by 100%. While currently facing resistance, further upside potential exists. Despite a recent decline in market cap, rising open interest indicates bullish sentiment. Technical indicators, including a golden cross and positive volume trends, highlight 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 for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.