Now that 2022 is almost over, cryptocurrency investors are looking for new opportunities. 1INCH is one of the tokens that is currently showing signs of a bullish recovery.
Now that 2022 is almost over, cryptocurrency investors are looking for new opportunities. 1INCH is one of the tokens that is currently showing signs of a bullish recovery.
The WhaleStats observation suggested that 1INCH could be in for more volatility. Higher volumes fueled by ETH whales may cause price movements to rise. The timing of these observations may also influence the token’s subsequent price direction.
The increase in whale volumes coincided with the recovery of 1INCH from the oversold zone. This was accompanied by an increase in the Money Flow indicator, indicating that there had been significant accumulation in the previous few days.
Despite these observations and the WhaleStats report, the ETH whale volume has yet to cause a significant increase in on-chain volume. This means that there may not be enough buy pressure for a significant uptick.
Another contradictory metric is the supply held by top addresses, which has been declining since the middle of the month. This indicates that the top addresses have been adding to the selling pressure for more than a week.
Nonetheless, the same metric showed significant accumulation between the last week of November and the first week of December.
On the other hand, there are observations that support healthy accumulation. For example, the dormant circulation metric has increased significantly in the last seven days.
Nonetheless, there is some selling pressure in the market. Particularly from addresses with 10,000 to 100,000 tokens.
The majority of the above metrics are overwhelmingly bullish. This adds to the bullish outlook as 1INCH recovers from oversold conditions.
