As the crypto market shows some bullish signs today, 1Inch (1INCH) had posted impressive gains in 24-hour intraday trading. But those gains have pulled back. The coin was under a lot of pressure in recent weeks. It seemed for a moment things were finally looking up. But how far can today’s rally go? Here is what you need to know first:
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1INCH still remains bearish despite the recent surge in the price.
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The coin has lost 85% from its all-time highs too.
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At the time of writing, 1INCH was trading at around $1.49
Data Source: Tradingview
1Inch (1INCH) – Predictions and analysis
It's not that long ago when 1INCH was hitting an all-time high of $8.29. This in fact happened at the end of 2021, and there was a lot of hope that 2022 could be huge. But things have not really taken off. 1INCH has now tanked, and at one point, it was just hovering around $1.
But there are signs things may start to turn. First, the coin has managed to cross over a crucial overhead resistance of $1.39. 1INCH has consolidated above that price and is now trying to trigger sufficient demand for a bullish break. But we do not see enough upside right now to push the token above $3.
It will take time before those $8.39 highs are repeated. But in the short term, 1INCH could still hit $3 before it pulls back once more.
What is the value of 1Inch Network (1INCH)?
1Inch Network (1INCH) is a network that hopes to create a collection of fast-growing decentralized protocols. The aim is to provide a robust infrastructure where people or organizations can launch innovative blockchain solutions.
The project has received a lot of investment and still has some potential to deliver real gains in the long run. It currently has a market cap of around $600 million.