The 1inch Network (1INCH) price hit a snag towards the end of May after a great rally and entered a month-long bearish trend that saw the token drop to around $0.30 in early July.
However, the token recovered and retested the $0.43 level after rising 2.8% over the past 24 hours.
The surge comes amid a weekly trend that has seen the token rise 8.21%, fueled by a number of strategic partnerships and bullish market sentiment.
Strategic Partnership Boosts 1INCH Price
Known for its role as a decentralized finance (DeFi) aggregator, 1inch Network is actively expanding its ecosystem through effective collaboration.
Following the introduction of a hardware wallet in 2023, 1Inch Network introduced the Web3 debit card in April this year in partnership with Mastercard and Baanx.
This initiative marks a major milestone in the integration of traditional finance with blockchain technology, increasing accessibility and utility for 1INCH token holders.
In June, 1inch further strengthened its position in the Web3 security space by teaming up with Blockaid to launch 1inch Shield. This initiative aims to strengthen security measures in the ecosystem, ensuring safer transactions and user interactions on decentralized exchanges (DEX).
The momentum continued in July with the launch of the Triangle accelerator program. Developed in collaboration with Notcoin and Sign, Triangle aims to spur innovation in the Telegram and TON ecosystems.
This initiative aims to support developers in creating consumer-facing applications that combine Web2 and Web3, providing improved user experience and accessibility.
Strategic alliances have not only diversified 1inch’s offerings, but also positioned it well in the competitive DeFi market.
The recent integration of the Web3 RPC API tool on July 8th makes it even easier for developers to access the blockchain, promoting wider adoption and scalability.
🦄 #1inchWeeklyRecap #123 (July 6–12)
Updates and integrations:
🌐 Our new Web3 RPC API allows users to access blockchains without running their own node – https://t.co/eoNHNSEjIn
📈 #1inchPortfolio updated with new Explore feature – https://t.co/h4kJuyBFvm
✈️… pic.twitter.com/K7fc4OplBi
— 1inch Network (@1inch) July 12, 2024
Continuation of the bullish trend is predicted for the price of 1inch Network
The current bullish trend of 1Inch Network appears to be gaining momentum, as confirmed by a number of indicators, including technical indicators, futures open interest and funding rates.
The RSI indicator is bullish and is well below the oversold zone, indicating that the current bullish trend is still in place before a possible pullback.
In addition, the 9-MA and 21-MA lines have already crossed and the price is significantly above both moving averages, further strengthening the bullish trend.
Source: TradingView
According to CoinGlass data on open interest on the 1INCH Futures Exchange, open interest on the 1INCH Futures Exchange has increased significantly over the past few days, despite declining since May 29.
An increase in open interest shows that more money is flowing into the market as investors buy more, signaling a bullish trend. 1INCH open interest has risen about 6% to 18.75 million in the last 24 hours
The 1INCH OI-Weighted Funding Rate is also positive, indicating that the bullish trend has not yet lost its momentum.
Specifically, funding rates are fees set by exchanges to align the prices of perpetual contracts with the prices of the underlying assets, making it easier for long and short traders to exchange funds.
These rates adjust based on deviations of contracts from asset prices, encouraging payments in opposite directions—positive in bull markets, where long positions are paid off by shorts, and negative in bear markets, where short positions are paid off by longs—to maintain price parity.
If the 1inch Network bullish trend continues, 1INCH price may reach $0.50 by the end of the week.
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