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Altcoin Thursday: 1INCH

17 June 2021 | ZebPay Trade-Desk

1inch was launched in 2019 with the goal of helping users find the best prices on assets across decentralized exchanges. Within 2 years, 1inch has become one of the widely used decentralized exchanges with over $290 million locked in their liquidity pool. 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).



Technically, on the daily time frame, 1INCH has made a ‘Morning Star’ pattern (Three Candle Trend Reversal Pattern) at the support level of $ 2.4 and has surged almost by 56% making the weekly high of $3.945. Post this move, the asset is consolidating and trading in a range from $3.5 to $3.9 and is trying to make a ‘Flag’ pattern (Continuous Bullish Pattern). Hence, we can expect another rally once the prices break the upper range with good volumes.

Support 2Support 1AssetResistance 1Resistance 2
$2.442$2.9001INCH$4.000$5.400



This concludes on the Altcoin synopsis for this week. Don’t forget to keep an eye out for our new poll, and let us know which coin you would like us to cover next week!

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

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