1Inch Network Price Continues To Slide From Mid-Month High While This Coin Pumps in Presale

On Jul 20, 2023

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1Inch Network token (1INCH) has experienced a significant decline, dropping by nearly 45% from its mid-month high of $0.593 on July 17. The overall bearish sentiment in the crypto market, coupled with the lack of direction from Bitcoin (BTC), has contributed to the downward trend.

Bitcoin’s movements often influence the performance of altcoins, as its rallies attract capital inflows, while pullbacks can negatively impact altcoin gains.

The recent crypto restrictions imposed by the CMA in Kuwait are part of a wider ban on cryptocurrencies, raising concerns about the acceptance and use of virtual assets in the country. Despite these regulations, users believe that decentralized finance (DeFi) cannot be effectively banned.

TradingView: BTC/USDT 1-Day Chart

Indeed, Bitcoin price has something to do with the slump in the 1INCH token price. However, it is not the only source of headwinds. Here is what analysts Jacob Bury has to say about 1INCH

Why does the 1INCH price continue to slump

The recent surge in the 1INCH network token’s price is attributed to the anticipation of the token unlocks event on July 20, where whales typically accumulate tokens before their release.

In the most recent event, approximately 10 hours before this report, 0.04% of the token’s total supply (364,290 1INCH tokens) was unleashed into the circulating supply.

1INCH token unlocks — Source: TokenUnlocks.com

After rallying on the news and creating a narrative around the event, the 1INCH token is now experiencing a significant slump due to a mass sell-off by investors.

The drop in price following an unlock event can be attributed to several factors, including the low entry price and high current profit margin offered during the event, poor liquidity in the trading pair, the simultaneous release of a large volume of tokens, and the presence of “flippers” who sell their tokens immediately after the event.

Traders should be prepared for a potential mass selloff after such events.

1INCH price Forecast Amid Massive Selloff

1INCH token is currently trading at $0.340, down 2% for the day and 45% from its mid-July peak. Bulls are attempting to defend against further decline, as indicated by the flattening Relative Strength Index (RSI) and a budding green candlestick on the H1 chart.

If bullish momentum strengthens, the token could surpass the immediate 50-day Exponential Moving Average (EMA) at $0.343 and target the 100-day EMA at $0.377.

Confirmation for conservative traders would be a daily close above the $0.436 level. The RSI and Awesome Oscillator (AO) indicators still support the bulls, with the RSI at 50 and AO above the midline.

If sellers dominate the market, 1INCH price may decline towards the $0.293 support level, resulting in a potential 13% drop.

However, LPX is experiencing significant growth amid the release of nearly 370,000 tokens into the supply.

1INCH Alternative

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