Top addresses have accumulated 1INCH since the beginning of the month. In addition, 1INCH has been pouring out of the exchanges for the past two weeks.

The adverse market conditions in 2022 have curtailed growth networks like 1inch. But this does not necessarily mean that growth has not taken place or that prospects have collapsed.

In fact, the latest announcements regarding 1inch underline even more reasons why investors should add it to their watchlist.

Read 1INCH price forecast for 2023-2024

The Commonwealth all-in-one platform for on-chain communities recently announced a strategic partnership with 1inch. According to the announcement, the 1inch network will provide greater efficiency and other benefits by integrating with Commonwealth.

The announcement confirms that 1inch is still making growth-oriented moves aimed at greater utility. Still, WhaleStats on utility reported that 1inch was one of the most used smart contracts by the top 100 ETH whales in the past 24 hours at the time of writing.

It matched other networks like AAVE and Uniswap, which were also among the top networks on the list.

Can these developments boost 1INCH’s recovery?

The timing of the above observations matters given the price action of 1INCH since early November. The cryptocurrency is on a bearish trajectory. And at press time, it was trading near launch price.

It changed purses at $0.43 at the time of this release and, most importantly, was oversold on the RSI.

Source: TradingView

Perhaps the above developments are enough to allow strong accumulation in the oversold zone. Such a result would allow a good recovery for 1INCH. Let’s take a look at what the statistics can reveal about the level of demand at the current level.

Development activity has been declining since the last week of November. And at press time, it had dropped to a 4-week low. This is an important observation because development activities can influence market sentiment.

Strong development activity can build investor confidence, while low activity can cast investor doubt.

Source: Sentiment

The low developer activity of 1inch could therefore be uninspiring for investors despite the oversold price. Nevertheless, we have seen an increase in the number of daily active addresses in the last 24 hours.

This may indicate significant accumulation now that the price is oversold.

Source: Sentiment

But 1INCH’s price action barely managed to generate much upward pressure as it went to press despite the increase in active addresses. One possible reason for this is that most of the address activity was retail, which often doesn’t have much impact on price. Either way, there are some observations that could shift the odds in the bulls’ favor.

Top addresses have accumulated 1INCH since the beginning of the month. But that accumulation leveled off in the past four days. This may explain the absence of strong accumulation in the past 24 hours.

Source: Sentiment

Meanwhile, the supply on exchanges as a percentage of the total supply has been falling since the beginning of December. This is a sign that 1INCH has been pouring out of the exchanges over the past two weeks.

Well, these sightings may favor the bulls in the coming days.





This post Why 1INCH should be among the top cryptos in your watchlist this week

was published first on https://ambcrypto.com/why-1inch-should-be-among-the-top-cryptos-in-your-watchlist-this-week/

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