last week, 1 inch It outperformed many cryptocurrencies with higher market capitalization and increased by more than 4% in 7 days. However, the price movement of altcoins was not unexpected, as several developments in their ecosystem accelerated their decline. In fact, according to Messari, 1inch represented more than 60% of Synthetix’s trading volume before full integration. Kwenta took second place and accounted for 34% of the conversion volume.
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– Messari (MessariCrypto) September 2, 2022
This development also corresponds to the 1 inch price, with the 7-day chart painted mostly green. At the time of writing, 1inch is trading at $0.6894 with a market capitalization of $400,641,696.
What should the metrics say?
Recently every 1 inch the name of the thing The currency of the day in terms of social activity, with 24 hour social engagement hitting 13.3 million on the charts. In addition toLunarCrush has one inch listed in the top 10 coins of the AltRank list. All of these advances, when combined, add tremendous value to the 1-inch grille. This may have contributed to the rise in the price of the cryptocurrency.
Top 10 Current Coins by LunarCrush AltRank™:
1️⃣ $ sys
2️⃣ $ s
3️⃣ #1 inch
4️⃣ $ up
5️⃣ $ matic
6️⃣ $ chz
7️⃣ hdrn dollar
8️⃣ a dollar atom
9️⃣ wash $
🔟 worship $https://t.co/y2zLZONvot pic.twitter.com/YbNlaceT04
– LunarCrush (LunarCrush) September 2, 2022
Several gauges on the 1-inch chain have also been recording positive marks recently. For example, the 1-inch MVRV ratio recorded an upward trend after bottoming in late August, indicating another increase in prices in the coming days. In addition, the recent price increase was also supported by large volumes, adding to the legitimacy of the rally.
According to CryptoQuant data, 1 inchForeign exchange reserves have also decreased, which is a positive sign as it indicates less selling pressure. The RSI indicated that the market was somewhat neutral, so it could go either way.
However, like the RSI, not many other metrics were in favor of a 1-inch price hike. Total conversion volume and active addresses decreased by 83% and 19%, respectively – a bearish signal.
Additionally, the overall net drain flow of 1 inch was also high compared to the 7-day average – a sign of high selling pressure. Therefore, the possibility arises that the bears will gain an advantage in the market, which could limit an inch from moving north in the near term.
1 inchThe 4 hour chart also painted an ambiguous picture as market indicators confirmed both possibilities. On the one hand, the 20-day moving average was just above the 50-day moving average – a bull mark. On the other hand, the MACD indicator highlighted the possibility of a bearish crossover soon, which reduces the chances of a breakout to the north in the coming days.
While developments in the 1-inch ecosystem look promising, most chain metrics and market indicators suggest that an upward rally is unlikely in the near term.