1INCH price prediction as token dumps 15% – possible whale selling?

1INCH price prediction as token dumps 15% - possible whale selling?

The Blockchain Industry: Insights and Analysis

Introduction

The blockchain industry has witnessed significant developments and fluctuations in recent times. One such example is the cryptocurrency 1INCH, which powers the decentralized exchange (DEX) liquidity aggregating protocol called the 1inch Network. Over the past 24 hours, 1INCH has experienced a significant drop of around 15%, making it the worst-performing cryptocurrency among the top 100 by market cap. This decline coincides with the broader downward trend in the crypto market, with Bitcoin (BTC) falling below $30,000 and Ether (ETH) dropping below $1,900.

Technical Analysis and Market Sentiment

On Monday, 1INCH reached its highest levels since March, surging near $0.60 due to a sudden increase in trading activity. However, it has since retraced approximately 40% and is currently trading around the $0.35 area. The sudden pump and subsequent pullback have resulted in significant losses for many traders.

The surge in 1INCH’s price could be attributed to technical buying, triggered by its short-lived breakout above a long-term downtrend and the 200-Day Moving Average. Additionally, some analysts speculate that the rally might have been a delayed reaction to a positive XRP ruling by a US judge.

Whale Selling and its Impact

However, an on-chain analytics-focused Twitter account, @lookonchain, highlighted that a 1INCH whale had sent 7 million 1INCH tokens (worth $3.88 million at the time) to Binance. When whales send large amounts of tokens to centralized exchanges, it often triggers alarm bells as it may indicate their intent to sell, leading to increased sell pressure and a decline in the cryptocurrency’s price.

• SEC Chair Gensler disappointed with Ripple court ruling, ongoing evaluation.
• Shinhan Bank, based in South Korea, successfully wraps up stablecoin remittance pilot in collaboration with Asian partners.
• US Secret Service seizes funds from Deltec Bank in the Bahamas during fraud investigation.

The whale’s token dump may have contributed to the retracement in 1INCH’s price on Monday. Speculators anticipated the whale’s selling pressure and sought to sell their tokens before the price dropped further. Although the identity of the seller remains unknown, it is speculated that it could be the defunct and bankrupt crypto yield platform Celsius, which was ordered to liquidate $25 million in altcoins, including 1INCH.

This whale selling event has dampened hopes of a breakout from 1INCH’s year-long downtrend, and there is a possibility of a retest of yearly lows in the $0.23s.

Alternative Consideration: Evil Pepe Coin (EVILPEPE)

Given the bearish outlook for 1INCH, traders seeking potential near-term returns may want to explore alternative options. Evil Pepe Coin (EVILPEPE) presents an intriguing opportunity. Analysts at Cryptonews.com have identified it as one of the best presale meme coin opportunities for 2023. EVILPEPE offers a token at a valuation of slightly over $2 million and is backed by a powerful marketing team that has delivered substantial gains for other meme coins like $THUG and $SPONGE. EVILPEPE leverages the virality of the Pepe meme coin mania, making it an enticing prospect for meme coin enthusiasts.

Despite launching only hours ago, the presale has already raised over $60,000. It is important to note that investing in cryptocurrencies, including meme coins, is a high-risk venture, and investors should exercise caution and conduct thorough research before making any investment decisions.

Conclusion

The blockchain industry, characterized by its volatility and rapid developments, continues to attract attention from investors and traders. The recent performance of 1INCH and the influence of whale selling serve as examples of the market dynamics within this industry. Understanding these factors is crucial for making informed investment decisions. Additionally, exploring alternative opportunities, such as Evil Pepe Coin (EVILPEPE), can provide traders with diverse options in their pursuit of potential returns. However, it is essential to recognize the risks associated with investing in high-risk assets like cryptocurrencies and exercise due diligence.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!