1inch [1INCH] Defies Market Bloodbath, Rebounds 3% as Whales Buy the Bottom

The cryptocurrency market witnessed a bloodbath on Wednesday as liquidations reached nearly $200M, per Coinglass data. However, 1inch [1INCH] defied the odds, as it bounced by 3% in the last 24 hours.

Cryptocurrency prices crashed on Wednesday evening as a total of nearly $200 million in futures positions were liquidated, data from Coinglass showed. But 1inch (1INCH) bucked the trend, rising 3% over the last 24 hours.

1INCH was trading at $0.241 at the time of writing. The token has recovered from hitting an all-time low of $0.214 as the rest of the market crashed.

1inch team buys the bottom

The record low price seemed to have attracted the attention of whales, especially the 1inch Investment Fund. This team spent $1.75 million in USDC to buy 7.96 million 1INCH tokens close to the all-time low, SpotOnChain data showed.

Over the last two months, this team has spent $5.5 million to buy back 1INCH tokens at an average price of $0.245. The team has been observed in the past buying the bottom before selling high.

This wallet’s activity has created interest in the token, and exchange data now showed that fewer investors were interested in selling.

The exchange netflows, as per CryptoQuant, reached the highest level in a week, showing that more addresses were withdrawing their tokens from exchanges and might not be selling in the short term.

More bullish signals emerged, showing 1INCH could extend its gains.

The Chaikin Money Flow (CMF) indicator showed an increase in buying activity as it made a sharp move north on the daily chart. It also shifted from negative to positive, indicating that the bulls were now in control.

The uptrend was further supported by the On Balance Volume (OBV), which increased from 815M to 854M, suggesting that buying pressure was strong and the gains could extend.

1INCH was also attempting a breakout from the descending parallel channel. If this breakout was sustained by consecutive green candles, a significant uptrend would be confirmed.

With more buying pressure and support from the broader market, 1INCH could also be looking at a critical resistance level of $0.43.

The recent volatility in 1INCH price attracted attention in the futures market after futures liquidations reached a weekly high of $216,000, data from Coinglass showed.

1INCH’s Open Interest also surged by 47% over the last 24 hours, rising from $14 million to $22 million and reaching its highest level since late June.

Funding Rates also turned positive, indicating bullish sentiment among traders.

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