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1INCH Investors Celebrating these Updates Should Still Remain Vigilant Because…

1inch Network [1INCH] was in the spotlight once more when it was named one of the top six Optimism dApps in 2022. The number of transactions and fees generated by these dApps are used to evaluate them.

Not only that, but a major proposal for a complete overhaul of 1INCH tokenomics and incentivized staking has recently gone live.

This was a positive announcement because it included several new features. Users, for example, can use the Staking Pod system to lock their 1INCH tokens in a staking contract to obtain st1INCH tokens.

Surprisingly, the user receives more st1INCH tokens the longer the lock period is. Stakers can use st1INCH tokens to govern the 1inch DAO, and the 1inch DAO can use these token balances to distribute rewards.

The good news is that 1INCH quickly became one of the top gainers in the Avalanche ecosystem in the previous 24-hours.

Despite being one of the top gainers in the Avalanche ecosystem, 1INCH’s weekly price action was not on par. The price of 1INCH has dropped nearly 10% in the last week, according to CoinMarketCap data.

Furthermore, it was trading at $0.3989 at the time of writing, with a market capitalization of more than $305 million. Let’s take a look at 1INCH’s on-chain metrics to see what was going on.

According to CryptoQuant data, 1INCH’s exchange netflow has been high over the last seven days. This could be interpreted as a bearish signal because it indicated increased selling pressure. The total number of transactions decreased as well, reflecting a decrease in network users.

Aside from that, the metrics for 1INCH appeared to be positive, as the network’s positive sentiment spiked last week. In addition, 1INCH’s Market Value to Realized Value (MVRV) Ratio increased slightly.

The network’s development activity and Binance funding rate have recently increased, giving investors even more reason to be optimistic.

Contrary to most metrics, 1INCH’s daily chart indicated that the bears were in control of the market. The Chaikin Money Flow (CMF) and On Balance Volume (OBV) of 1INCH were significantly low, indicating a bearish advantage.

A similar story was told by the Exponential Moving Average (EMA) Ribbon. The 20-day EMA was lower than the 55-day EMA. Nonetheless, the Moving Average Convergence Divergence (MACD) provided much-needed relief by indicating a bullish crossover. As a result, 1INCH’s value may rise in the coming days.


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