- The price of the 1INCH crypto is highly volatile.
- In the last 30 days, the price of the 1Inch Network has traded in the green for 18 days.
1inch is a DEX aggregator created by Sergej Kunz, Anton Bukov, and Konstantin Gladych. It connects multiple decentralized exchanges on the Ethereum blockchain to provide optimal trading rates.
Users can trade cryptocurrencies, participate in governance, stake tokens for rewards, and engage in liquidity mining. The 1INCH token is also tradable on various exchanges.
The aggregator’s volume for the 1Inch Network over the last 24 hours is worth $375.63 Million and the treasury of the crypto is worth $14.13 Million. Also, the total raised amount for the crypto is worth $14.13 Million.
The market cap of the 1Inch Network crypto has advanced by 3.6% over the last 24 hours from the time of writing. This results in a market cap value of $565.417 Million and a market cap ranking of #130.
Despite this, the value of the traded volume for the crypto has advanced by 37.84% resulting in a traded value of $127.366 Million. Moreover, the volume/market cap ratio of the crypto is 22.58% which shows high liquidity in 1Inch crypto.
The token terminal data shows a surge of 32,364% in the average revenue per user of the crypto in the last 30 days. Also, the fully diluted market cap of the crypto has advanced by 28.8% in the last 30 days resulting in $755.82 Million at press time.
1Inch Network Crypto Derivatives Analysis
The derivatives traded volume for the crypto has advanced by 41.98% over the last 24 hours resulting in a traded value of $224.21 Million.
Following the surge in volume, the open interest of the crypto has also advanced by 4.06% which shows a rise in the open interest of the crypto.
Additionally, the long liquidation for the crypto is higher resulting in $312.74K against the short liquidation of $122.20K. This shows a dominance of sellers in the crypto over the last 24 hours.
1INCH Crypto Technical Analysis
The price of the 1INCH crypto is following strong momentum and is advancing to higher levels.
The price of the 1INCH crypto was following a lower low structure from mid-March 2024 to the end of May 2024. The price of the crypto took support at the lower levels and broke above the crucial change of character swing highs on the daily chart.
At press time, the price of the crypto has sustained above the breakout levels and is currently taking a pause, accumulating for a further surge in the price.
The following behavior of the price shows a higher possibility of breakout to occur for higher level.
Therefore, if the bulls interest increases in the asset, the price could go for the targets like $0.620, anmd $0.705. However, if the bulls looses control and slips nearest support of $0.450, it could fall further.
Summary
The 1INCH cryptocurrency has seen a significant surge in trading volume and revenue per user, indicating strong bullish momentum. Its market cap has increased by 3.6%, and trading volume surged by 37.84% in the last 24 hours. Technical analysis suggests potential further gains if bullish interest continues, targeting $0.620 and $0.705.
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.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.