1inch (1INCH) price is trading is scaling a recovery rally, pulling north after a 30% slump that began mid-August. The token is up almost 20% as investors attempt to recoup some of the ground lost. Meanwhile, the network continues maneuvering the effects of a rather bearish fundamental on September 22.
1Inch is a decentralized exchange (DEX) aggregator, sourcing liquidity from different DEXes, offering users better token swap rates than any single DEX. This comes as they “optimize slippage, swap fees, and token prices.” Ultimately, this delivers better rates for users.
1INCH is the best of the best decentralized exchange (DEX) aggregator. These crypto assets offer users better cryptocurrency exchange rates than a single crypto exchange could. Additionally, this asset saves users time.
MetaBlox | DSpace (@rabiabic) September 22, 2023
Bearish Fundamental For 1Inch Token
The 1Inch network is coming out from a bearish event, token unlocks, on September 22. The event was linear, not cliff, meaning the tokens will be released daily at a stable and fixed rate over some time while incorporating liquidity incentives.
On September 22, the 1Inch ecosystem released 53,570 1INCH tokens, constituting 0.01% of its circulating supply. The tokens were allocated to the team, investors, and VCs. The tokens were worth approximately $14,200 at the time. Fast-forward four days, the project is again planning to unleash an additional 15,000 tokens worth around $3,980.
Owing to the negligible volume of the tokens relative to the 1INCH circulating supply, the impact on the market is expected to be minimal. Nevertheless, unlike the team and the VCs, it is a dent to the network’s upside potential because investors may want to cash in for a quick profit.
It is worth mentioning that token unlocks are considered bearish catalysts. This means the September 22 event accentuated the 5% slump recorded the next day.
Traders should. Therefore, brace for volatility, with insights by cryptocurrency intelligence tracker The Tie suggesting that token unlocks events tend to inspire increased trading volumes. Investors are likely to sell to avoid being caught as part of exit liquidity.
1INCH Price Prognosis with Volatility Expectations
1inch shows the effects of a volatile market, trading within a wide range ahead of the unlocks event. Meanwhile, the fair value gap (FVG) represents an inefficiency that needs to be filled, thereby increasing the odds of a continued rise. A decisive move above the consequential encroachment of the FVG at $0.2961 would confirm the uptrend.
However, the upcoming unlock event continues to limit the upside potential for the DEX aggregator token. This increases the odds of a correction to the demand zone below the $0.2500 psychological level.
A break and close below its midline, the mean threshold, at $0.2320 would prevent any chances to move north. With the demand zone flipped to a bearish breaker, 1Inch price could fall to the support floor at the $0.2011 low. Such a move would indicate a 25% drop from current levels.
The Relative Strength Index (RSI) corroborates the odds for a slump, inching south to show falling momentum.
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