The bearish performance in the overall crypto market during the 2022 first half had 1INCH extending its downsides from its ATH by a staggering 93%.
Despite that, the platform maintained impressive development activity. That has been the narrative with most crypto projects targeting long-term growth. However, can that aid recovery in 1INCH?
The alternative token shows revival signals despite the massive fall. 1INCH has (so far) gained around 67% from June’s lowest price level. Furthermore, 1INCH experienced some selling strength during this publication. That came after the alt encountered resistance at the 23.6% FIB retracement area.
The FIB retracement retest triggered a 5% correction. And that shows that the digital coins gained substantial sell strength. Nevertheless, the retracement extent could vary depending on downside pressure intensity.
Limited Pullbacks?
1INCH saw its daily active addresses peaking at 845 on August 11. That represented the highest active address count since the month started. It mentioned retracement emerged that day, meaning some wallets offloaded 1INCH tokens.
The slid decline in supply by top addresses confirmed the outflows from some wallets. Meanwhile, the whale transfer count index recorded two transactions worth more than $1M and two between $100K and $1M.
It’s unusual for leading holders to accumulate around a resistance level. Thus, that could account for the highlighted selling momentum.
Nevertheless, the August 11 active addresses increase shows there could be more buyers around the FIB level. That explains the limited downward. Also, the improved broad market mood prevented continued falls.
While publishing this post, the 90-day inactive circulation index showed that a considerably low number of individual 1INCH tokens moved within the past two days. That shows most long-term market participants haven’t sold their assets.
Long Game Support
The 1INCH platform has remained committed to attaining its long-term objectives – deals that target increased liquidity into the network. For instance, it integrated the KuCoin wallet to support the move. That will ensure access to liquidity platforms running across nine ecosystems.
However, broad market cues remain essential to compliment the analysis above. For now, digital assets enjoy impressive highs following the latest turmoil.
Stay tuned for updated crypto news.
Editorial credit: photo_gonzo / shutterstock.com
