Altcoin Thursday: 1Inch

2 Sep 2021 | ZebPay Trade-Desk

1inch was launched in 2019 with a goal of helping users find the best prices on assets across decentralized exchanges. Today, the 1inch network is a collection of decentralized protocols with a DeFi aggregator and an Automated Market Making protocol or AMM. In December last year, 1inch introduced its 1inch governance token, and the 1inch Network was to be governed by a decentralized autonomous organization (DAO). This asset is unique as it provides instant governance for its users. It allows 1inch users to vote for specific protocol settings, which engages the users, but also gives users a say in the development of the asset, using the decentralized autonomous organization (DAO) model. 

Market capitalization and Rank: $550mn

1Inch is trading in an uptrend and has surged almost by 123% from its recent bottom of $1.618 up to $3.622. The asset is facing resistance around $4 (38.2% Fibonacci Retracement Level) whereas the ascending trendline is acting as a support for the asset. If the prices breach the resistance with good volumes then we can expect another rally up to $5.5 and if the prices break the ascending trendline on the lower side then we can expect the asset to drop to the next support level which is at $2.58.

Support 2Support 1AssetResistance 1Resistance 2

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