1inch, a decentralized exchange aggregator operating on both Ethereum and Binance Smart Chain (BSC), launched its wallet for iPhone users on Apple iOS on Tuesday.
The operation of this wallet will make it easy for users to exchange tokens on their mobile devices with the convenience of portability. The wallet will enable users to switch between BSC and Ethereum at a real-time lower transaction rate for digital currency exchange.
Not only on the mobile phone, but users can also approve and confirm transactions on Apple Watch. The application will also encrypt Apple iCloud backups, allowing users to migrate between different devices.
1inch itself ranks as the 7th largest Decentralized Exchange (DEX), with a total locked value of $311.7 billion based on DeFi Pulse data.
According to Debank,1inch has a 24-hour trading volume of $232,805,465 on the Ethereum chain and $100,320,794 on Binance Smart Chain (BSC).
1inch(1INCH) Price Analysis
Source:1INCH/USDT Daily via TradingView
Judging from the daily candlesticks chart, 1inch (1INCH) gradually showed a double top pattern (also known as the “M” pattern) after late March. 1INCH formed the first peak at $6.67 on April 9, accompanied by a rapid increase in trading volume. Subsequently, the price dropped by about 20% to $5.26. The currency rebounded after and rose to $6.65 on April 18, but the trading volume contracted slightly from the first peak. Then it fell below the support of the neckline of around $5.50 drawn on the above chart.
Currently, 1inch’s price has rebounded and the bulls are trying their best to push prices above the 20-Exponential Moving Average. At the time of writing, 1inch is trading at $5.01.
The stochastic RSI has stepped out of the oversold zone, meaning a bullish crossover may potentially drag 1INCH’s price upward in the near term. The MACD index also gradually slows down, which indicates that it may form a bullish “golden cross” near the zero axes.
However, after 1INCH has formed a double top pattern, it will encounter strong resistance from the neckline of $5.50 on its way up. It is worth noting that the main force often creates false breakthroughs without expanding trading volume.
Therefore, it is recommended that investors buy when there is a rudimentary bottom pattern on the right side with increasing trading volume, or buy when the neckline is broken and the retraction is confirmed. Retraction confirmation means that after the crypto price develops in a certain direction and breaks through the neckline, the crypto price will return to the neckline within a few days to test whether the breakthrough is successful.
If the bulls manage to flip the $5.50 to a support level, then the 1INCH/USDT currency pair may start the next upward trend, targeting its all-time high of $6.67 level.
If the bears pull the price back below $5.50 support, such a move will indicate the possibility of expanding the decline for 1INCH in the short term.
The decline of 1inch is very likely to exceed 20%.
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