The 1INCH token has recently hit a three-month high, experiencing a surge in South Korean trading volumes. The token, which powers the 1inch Network, has had an increase of 47% in the last 7 days.
It has become the second most traded coin on Upbit, with a 24-hour volume of $360 million, indicating a high level of interest and activity in the market. The token started the month at a price of $0.31739 and reached a high of $0.5907 on July 17th. The lowest price in July was $0.29481 on July 10th.
The price surge has also led to short liquidations in the perpetual swap markets, highlighting the volatility of the token. The open interest volume for 1INCH perpetual swap contracts is currently at a 20-month high, suggesting that the volatility will likely remain high in the near future.
In addition to the price movements, there have been abnormal on-chain moves and market stats related to 1INCH tokens. There was a significant withdrawal of 16.90 million 1INCH tokens worth $9.63 million from Binance, which absorbed the selling pressure from Celsius, a bankrupt crypto lender.
These abnormal moves and the spike in trading volumes on Upbit indicate that the token’s price is influenced by large unknown entities, making it susceptible to volatility. Despite this, the token has shown resilience, reaching a three-month high of $0.57.
The 1inch token has certainly made its mark, albeit not in the way many had anticipated. Launched amidst the DeFi boom of 2021, the token was initially touted as a promising venture. However, the market had other plans.
The token’s price trajectory has been a steady descent, plummeting from an initial high of $8-9 to a recent low of $0.25. This stark decline has left a trail of disillusioned investors, many of whom had bought into the promise of a lucrative project.
At present, the 1inch token is situated in the vicinity of a strong mirror level, having just hit the trend line. This is a critical juncture, and the next move could be decisive. However, caution is advised. The current market position does not favor an immediate purchase of 1INCH.
For those who believe in the long-term prospects of the 1inch project and are considering an investment, patience could be a virtue. A potential strategy could be to wait for a correction to $0.40 before making a purchase. Alternatively, waiting for the price to break through and consolidate above the strong mirror level could also be a viable approach.
Given the current market conditions, it’s advised not to invest in 1INCH at this moment. The token is currently situated in a critical area, at a strong mirror level, and has just hit the trend line. These indicators suggest that the token is at a pivotal point, and any immediate investment could carry significant risk. It’s recommended to observe the token’s performance and wait for more favorable market conditions before making a purchase.
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