- 1INCH dropped after reaching $0.6264, but is now priced at $0.543088, showing a 3.55% increase in the last 24 hours.
- The 1inch Investment Fund sold 10.48 million tokens, making a $6.28 million profit (114% return).
- Analysts are bullish on the token, with price targets ranging from $1.6090 to $12.5580 based on an Inverse Head and Shoulders pattern.
1inch Network (1INCH) has recently experienced a decline in its value after reaching a high of $0.6264, failing to maintain upward momentum. This drop came amid broader declines in major cryptocurrencies like Bitcoin and Ethereum, which led to a general downturn in the market. Despite this, many remain optimistic about the token’s future trajectory.
As of today, the token is priced at $0.543088, showing a 3.55% increase in the last 24 hours. The token’s 24-hour trading volume stands at $517.65 million, with a market capitalization of $629.21 million and a market dominance of 0.02%. Although the market has been turbulent, these metrics indicate that the token is still holding its ground.
1inch Fund’s Strategic Token Sale Nets $6.28M Profit
The 1inch Investment Fund has been active in the market, selling 10.48 million tokens for $5.57 million in the past two days, according to data from Spot On Chain. This move has allowed the fund to recover its initial investment from a prior purchase of 22.45 million 1INCH tokens between July and September.
At an average selling price of $0.531 over the last two days, the fund has made a profit of $6.28 million, representing a 114% return. With the fund’s wallet currently holding 22.365 million 1INCH tokens worth $11.7 million, this strategic selling showcases the potential for significant returns despite market fluctuations.
1INCH Bulls Eye $1.6090 as Inverse Head and Shoulders Form
Amid these developments, some market participants remain bullish on the token’s future. Crypto analyst Alex Clay has highlighted the formation of an Inverse Head and Shoulders pattern on the 1INCH chart, which suggests the token may be poised for a bullish surge. Clay notes that 1INCH is a strong player in the decentralized finance (DeFi) sector and has a promising outlook.
Clay’s bullish targets for the token include a near-term price goal of $1.6090, a secondary target of $4.2910, and a long-term projection of $7.8215. In a more optimistic scenario, Clay even suggests the possibility of the token reaching $12.5580 during a bull market top.
While the token faces short-term turbulence, the outlook remains positive, especially for those with a longer-term perspective. As the DeFi ecosystem continues to grow, the token could play a crucial role, and investors will be closely watching its performance in the coming months.
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