1inch: what the 18% increase says about the height of a centimeter

1inch, despite not being part of the top 100 cryptocurrencies, led the crypto market rally at one point on March 16. Up nearly 18%, the altcoin achieved a significant performance on March 16.

Missed it an inch

Despite the altcoin being 82% below its all-time high of $8.29, the altcoin broke its five-month downward trend on March 17. The price action had consistently tested the $1.30 as resistance, but all its attempts to break through failed miserably.

However, a close above USD 1.47 would eventually provide the push 1INCH needs to create a sustainable gain.

Well, price indicators supported a stable short-term positive move in favor of the currency. As of going to press, the Relative Strength Index (RSI) has crossed the bullish zone for the first time in 5 months. At the same time, the MACD indicator signaled a bullish crossover with optimism increasing in recent days.

1inch Price Promotion | Source: TradingView – Coin-Crypto

This bullishness could put 1INCH in a good spot in the future as the DEX hasn’t seen much growth in the past two months. Monthly volume decreased from $14 billion to $5.1 billion this month.

But forecasted volume for this month points to another $4.9 billion over the next 15 days.

Monthly Volume of 1 inch for March | Source: Dune – Coin-Crypto

Regardless, 1INCH still represents only a small portion of the decentralized exchange space dominating less than 1% of the market share. Of the remaining 99%, about 90% of the space is dominated by Uniswap, Sushiswap, Curve and Balancer combined.

But investors still have a lot to look forward to. Especially since 1INCH is not vulnerable to random price swings at the moment. The volatility is at its lowest in almost a year which will be a huge support for 1 inch to support the price increase it has been experiencing.

1 inch volatility | Source: Intotheblock – Coin-Crypto

Moreover, there is a much higher demand for buying 1INCH in the market. Selling pressure took a back seat in the March 17 rally. Investor support will see the altcoin rise further until broader market indications turn absolutely bearish.

1inch buy and sell orders | Source: Intotheblock – Coin-Crypto

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