{"id":37426,"date":"2023-07-18T18:32:27","date_gmt":"2023-07-18T22:32:27","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/1inch-network-price-prediction-as-1inch-dumps-15\/"},"modified":"2023-07-18T18:32:29","modified_gmt":"2023-07-18T22:32:29","slug":"1inch-network-price-prediction-as-1inch-dumps-15","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37426","title":{"rendered":"1inch Network Price Prediction as 1INCH Dumps 15%"},"content":{"rendered":"
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1INCH, the ticker for the cryptocurrency that powers the decentralized exchange (DEX) liquidity aggregating protocol called the 1inch Network, has dumped around 15% over the last 24 hours, as per CoinGecko.<\/p>\n

That makes it the worst-performing cryptocurrency in the top 100 by market cap over this time period, although crypto markets are broadly under pressure with bitcoin (BTC) dipping back under $30,000 and ether (ETH) falling back below $1,900.<\/p>\n

1INCH hit its highest levels since March on Monday near $0.60 amid a sudden surge in trading activity.<\/p>\n

Open interest in 1INCH futures on Binance surged from around $8.6 million last Friday to highs of over $46 million on Monday according to CoinGlass.com data, the highest since late 2021, as traders rushed in to take out leveraged positions.<\/p>\n

1INCH has since retraced around 40% from Monday\u2019s intraday highs to trade in the $0.35 area.<\/p>\n

Technical buying amid Monday\u2019s short-lived breakout above a long-term downtrend and the 200-Day Moving Average could have triggered the sudden pump.<\/p>\n

Some theorised that 1INCH\u2019s rally could have been a delayed reaction to last week\u2019s positive XRP ruling by a US judge.<\/p>\n

Either way, the sudden spike then pullback wrecked a lot of traders.<\/p>\n

As per CoinGlass.com, nearly $5 million in futures positions were wiped out on Monday, the highest in at least three months.<\/p>\n

Did Whale Selling Kill the Rally?<\/strong><\/h2>\n

On-chain analytics-focused Twitter account @lookonchain highlights in a tweet on Monday that a 1INCH whale had sent 7 million 1INCH tokens (worth $3.88 million) at the time to Binance.<\/p>\n

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Whales sending large amounts of tokens to a centralized exchange often triggers alarm bells for a cryptocurrency, as it could signal their intent to use the exchange to sell their holdings, which could result in elevated sell pressure and weigh on a cryptocurrency\u2019s price.<\/p>\n

Indeed, @lookonchain\u2019s warning may have triggered the retracement in 1INCH\u2019s price on Monday, with speculators looking to get in and dump their tokens ahead of the whale pushing the price lower.<\/p>\n

The seller could have been defunct and bankrupt crypto yield platform Celsius, which liquidated $25 million in altcoins (including 1INCH) on Monday following a court order.<\/p>\n

Regardless of who did the selling, the whale token dump may have killed hopes that 1INCH was about to break out of its more than year-long downtrend.<\/p>\n

A retest of yearly lows in the $0.23s remains on the cards.<\/p>\n

1inch Network (1INCH) Alternative to Consider \u2013 Evil Pepe Coin (EVILPEPE)<\/strong><\/h2>\n

With things looking bearish for 1INCH, at least from a technical perspective, traders looking for a token that might offer the prospect of better near-term returns should check out Evil Pepe Coin (EVILPEPE).<\/p>\n

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Analysts at Cryptonews.com have identified it as one of 2023\u2019s best presale meme coin opportunities, thanks to the fact that 1) it is selling its token at a super cheap valuation of only slightly more than $2 million and 2) it is backed by the same powerful marketing team that delivered huge gains for $THUG and $SPONGE and 3) it piggybacks off of the virality of the Pepe meme coin mania.<\/p>\n

With the presale having already raised a whopping more than $60,000, despite launching just hours ago, meme coin degens have no time to lose if they want to get involved.<\/p>\n

Evil Pepe Coin will be all sold out when the presale hits $1.996 million.<\/p>\n

Visit Evil Pepe Coin Here<\/p>\n

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.<\/sup><\/i><\/p>\n<\/p><\/div>\n