1INCH Token Down 34% in 24 Hours, Becomes Biggest Loser Among Top Assets
The native token of the 1inch Network, 1INCH, has seen a significant decrease in price, dropping 34% in the past 24 hours. This makes it the biggest loser among the top 100 assets based on market capitalization. As a result of this decline, many market participants have started selling their tokens. The token has also fallen below multiple support levels, reaching around the $0.37 mark. This correction comes less than a week after a market-wide rally that was triggered by a ruling in the Ripple vs. SEC legal battle, which had a positive impact on Bitcoin and altcoins, including 1INCH.
Key Points:
- 1INCH token is down 34% in the past 24 hours, making it the biggest loser among the top 100 assets.
- Market participants are selling due to the decline, adding more pressure as the token drops below multiple support levels.
- The correction comes after a market-wide rally following a positive ruling in the Ripple vs. SEC legal battle.
- Before the rally, 1INCH had been consolidating between $0.30 and $0.34 for two weeks.
- The rally brought 1INCH to a high of $0.5935, marking an 89% increase in four days.
During the rally, 1INCH experienced a significant increase in trade volume as investors sought to capitalize on the upward trend. It even became the second-most traded asset on Upbit, South Korea’s largest exchange. However, this momentum eventually faltered, leading to a bearish trend. The price of 1INCH dropped to $0.4029, representing a 6.16% correction from its recent high on July 17. These losses spilled over into July 18, causing further declines.
Despite the recent decline, the future performance of the 1INCH token remains uncertain. It will be interesting to see whether it can regain momentum in the coming days or if the bearish trend will continue.
Hot Take: The sharp decline in the 1INCH token’s price serves as a reminder of the volatility and risk associated with cryptocurrencies. Investors should keep a close eye on market trends and consider their risk tolerance before making any investment decisions.
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