1INCH Price Next Stop at $12?
The native token of 1Inch exchange, 1INCH price recently received a major boost, which resulted in a huge spike in the price. The price rallied more than 35% after a strong consolidation for a reasonable period of time.
With the magnificent rally, 1INCH was successful in forming a new all-time high at $3.18 in the early hours of trade. Currently, the momentum seems to be very bullish as the crypto space expects more accelerated bull run for the DeFi token in coming days.
The bullish momentum can carry the 1INCH price to $5 any moment in coming days. As per a popular analyst, Don Crypto 1Inch may also hit $8 also.
However, the price is expected to fly higher breaking the resistance levels above $10 also. According to another analyst, AllStreetsBets, 1Inch price may also hit $12 very soon.
1INCH Platform The Second Most Preferred DEX
The trading volume on the 1Inch platform surged enormously in the past 7 days and which rallied the price towards new highs. In the past 30 days, the platform has hit some milestones like 32.55K unique wallet address which interacted with the exchange. A total of $1.84 billion in volume was registered and nearly 143.33K transactions were carried out.
And for this reason, the 1INCH Exchange is ranked second in trading volume on DEX with $500 million in the past 24hours. It is just behind Uniswap Interface which has more than $1 billion trading volume as mentioned by 1INCH GEMS.
Moreover, according to Messari reports, the DEX aggregators account for more than 10% of the total DEX volume. And in the race among the DEX aggregators, 1INCH is the clear winner.
1INCH Price Analysis
The 1INCH had a pretty good start with priced above $1 and trended within $2 till the mid of January 2021. Initially, a major boost led the price trade above $2 but dropped below $1.5 levels within a couple of days.
However, yet the price gained huge momentum with a huge influx of trading volume which rallied the price towards the ATH.
The prime focus will be to maintain above $3 in order to surge to the next levels above $5. However, the current scenario suggests a negligible selling and hence the bullish momentum is expected to carry out in the coming days.
- The resistance levels are currently at the ATh at $3.18 as the price is slightly below the levels. Once these levels are broken, the price may fly to the next set target at $5.
- The support levels are formed at $2.45 initially and if broken, the next levels are formed at $2.24
- The indicators point out a ‘buy’ signal.