1inch was founded in 2019 by Sergej Kunz and Anton Bukov. The aim of this is to have a decentralized exchange which combines different others exchanges making it easier for the users to swap across platforms. This helps the users to get better swap rates than they could find one by one on other exchanges.
The major companies that have funded the project are Binance Labs, Galaxy Digital, Libertus capital, and more. As it provides instant helps to its user, this makes it far more unique than other exchange platform. Moreover, users can also benefit from providing tokens as liquidity on the platform. Traders can also lock in Ethereum in the liquidity pool to earn 1inch as well.
1inch works on Ethereum smart chain. Being at #121 makes it a part of one of the biggest crypto projects.
Current Coin Statistics:
According to coinmarketcap the coin currently is being traded at the rate of $3.36. in the last 24hours, this is a raise of a total of 5.26% which is good. Talking about the market cap, it is currently at $605,888,022 and a fully diluted market cap is $5,041,244,427. The current volume being traded is almost $417,222,210 with an increase of 18.82% in the past 24 hours.
Technical Analysis:
Just like every other coin, 1inch had been bearish till July because of BTC influence. Last month i.e. August, the price gained momentum and pushed to the upside-breaking structure on 13 August 2021. This move shifted the trend from bearish to bullish.
Now there was a confluence of a trendline from which price reacted on 6 June, 16 June, and from 11 August to 16 August. This trendline was inducing sellers strongly in the market in previous months, but on 16 august even after rejections, the price market didn’t induced sellers in the market, giving a probability that sellers are no longer interested, which was the case. The price broke out and started to do the correction. Now the same scenario is being repeated but within the correction. Price already is in an uptrend, price broke major trendline, and now repeating and to be precise broke the correction trendline, giving a hint that price may get bullish in coming days.
Moreover, the double bottom which formed can’t be ignored and acts as an additional confluence for an up move. Now as it is all about probabilities and reacting to price action, The possibility is that sellers are introduced into the market from $3.338 taking out early buyers. So it all depends on how the price delivers within that range. Possible targets for upside are $3.3958 and $ 4.659 as we may see some sort of reaction from these levels, and if the level of $3.338 doesn’t hold, a reversal can occur which can eventually last till $2.419.
