Altcoin on the Binance Increased by 100 Percent! Now at the Critical Threshold! - COINTURK NEWS
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Altcoin on the Binance Increased by 100 Percent! Now at the Critical Threshold!

11:14 pm (66 days ago)
July 17, 2023

While the price of Bitcoin continues to trade in a narrow range, some cryptocurrencies have managed to show positive divergence during this period. The time for a decline may have come for the popular altcoin, which has rapidly risen and experienced an increase of nearly 100% in the short term. What do the current data indicate? What can investors expect in the coming days?

1inch Network (1INCH)

1inch Network (1INCH) is currently priced at $0.47 after gaining 102% in the last 30 trading days. On-chain data suggests that 1INCH may indicate further upward movement. 1INCH is the native governance token of the leading decentralized exchange aggregator, 1inch Network. The Ethereum-based protocol is designed to aggregate liquidity from various decentralized exchanges to improve crypto trading liquidity and reduce slippage.

Since the beginning of 2023, the number of cryptocurrency users trading on the 1INCH network has increased. Now, halfway through the year, this steady growth in the active user base has begun to positively impact the price of the native token. The FTX crash may have had an impact at this point.

Since November, we have been talking about how decentralized platforms could experience a rapid rise in the next bull market due to the interest of new investors. Investors who want to reduce their risks on centralized exchanges are using these platforms through decentralized wallets, despite the risk of hacking.

1INCH Price Analysis

This month, the 1INCH Network has consistently experienced an upward trend. According to data compiled by Santiment, Daily Active Addresses (DAA) have been rapidly increasing since the beginning of this month. Accordingly, between July 9 and July 17, INCH DAA increased from 276 to 1,003 active users. Daily Active Users evaluate real-time changes in network activity by summing the number of individual wallet addresses that perform transactions. When the number of active addresses consistently increases over a long period of time, upward pressure is seen on the price.

As seen above, while DAA increased by 264%, the price of 1INCH also gained 90% between July 9 and July 17.

The chart below shows that whales only made 8 transactions on July 12. However, this figure increased to 50 whale transactions by the close of July 16. According to IntoTheBlock, the number of whale transactions on the 1INCH network doubled in the last 3 trading days. Although whales have sent some tokens to exchanges, the current numbers will not significantly affect the price.

If the network growth continues, we may see a rise up to $0.6. However, for this rise to occur, the support at $0.43 needs to be maintained. If the support level is lost, the price may drop to $0.41 and $0.34.

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