Connect with us
Active Currencies 14880
Market Cap $2,227,052,547,215.50
Bitcoin Share 50.92%
24h Market Cap Change $1.39

1INCH: As token unlock approaches, is a price correction in the works?

2min Read
1INCH might witness another price correction in the coming days, thanks to.. 

Share this article

  • 1INCH’s MVRV ratio declined despite the price uptick.
  • Metrics were bearish, but market indicators gave hope for a continued price surge. 

1inch Network [1INCH] will unlock new tokens on 5 April 2023, which will increase its circulating supply. As per Token Unlock, over 287,000 1INCH tokens worth $149,585 will be unlocked, accounting for 0.019% of the total supply. As of now, nearly 37% of 1INCH’s total supply worth $288.88 million is locked, which will be released over time. 

Source: Token Unlock


Read 1inch Network’s [1INCH] Price Prediction 2023-24


Will the token unlock bring along a price plummet? 

Generally, an increase in circulating supply is followed by a decline in price. This happens due to the demand and supply theory, as an increase in the former causes a decline in the latter, leading to price declines.

1INCH’s price recently favored the bulls again as its price increased by over 4% over the last seven days. At the time of writing, it was trading at $0.5178, with a market capitalization of over $428 million. With the new token unlock, is a trend reversal inevitable?

What the metrics suggest

CryptoQuant’s data revealed that despite the price increase, 1INCH’s exchange reserve was rising, suggesting higher selling pressure. The number of active wallets used to send and receive coins also declined, which is by and large a negative signal.

As per Santiment, 1INCH’s MVRV Ratio declined slightly, which looked bearish. Investors’ sentiments around 1INCH also took a blow, as evident from the network’s weighted sentiments. It was, however, interesting to note that despite negative sentiments, 1INCH made its way onto the list of the top BNB Chain projects by social volume.

Source: Santiment

Investor interest is declining 

A few on-chain metrics also revealed the decreased interest of investors in holding the token. For instance, 1INCH’s supply held by top addresses declined considerably. Not only that, but 1INCH’s supply on exchanges shot up, which is a bearish development.

1INCH’s network growth also registered a decline, indicating a lower number of new addresses were used to transfer the token. Nonetheless, a positive metric was the velocity, which increased over the last week. 

Source: Santiment


How much are 1,10,100 1INCHs worth today?


Bulls might save 1INCH  

A look at 1INCH’s daily chart gave hope for a continued surge as a few of the indicators supported the bulls. The Exponential Moving Average (EMA) Ribbon showed an ongoing tussle between the bulls and the bears. 1INCH’s Chaikin Money Flow (CMF) registered an uptick and was heading further up from the neutral mark, increasing the chances of a further price uptick.

The Money Flow Index (MFI) also went up slightly, which looked bullish.

Source: TradingView

Share

Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.