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

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!

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