BTC20 emerges as a green alternative amid 1-inch network price crash
After staging a rally where 1INCH hit a multi-month high of $0.5935 on July 17, it is now seeing a sharp pullback to the current level of $0.3274, which is a 44.84% decline from its recent high. What’s next for 1INCH and can it restore its bullish momentum?
1INCH Price Prediction and Technical Analysis
At $0.3274, the current price of 1 INCH is lower than its 20, 50, and 100 day EMAs, which are $0.3406, $0.3427, and $0.3774 respectively. With the current price below the short-, medium-, and long-term EMAs, this indicates that 1INCH is currently in a bear market phase.
As to Relative Strength Index (RSI), has fallen from 49.63 to 47.93 in one day, approaching oversold territory. This trend suggests increasing bearish momentum and could raise red flags among potential buyers.
The MACD histogram also echoes the bearish sentiment. It is currently about to form a bearish cross as it slid to 0.0015 from 0.0048 yesterday.
Another concern for investors would be the decline in market capitalization, which fell 3.44% to $324 million.
Interestingly, however, there is an increase in 24-hour trading volume by 20.94% to $115 million, which could indicate growing interest in the asset despite the downward price action.
1INCH is currently dealing with crucial support and resistance levels. Immediate support is at the 0.786 Fib level of $0.3259, closely followed by a solid horizontal support zone ranging from $0.2878 to $0.2949. If the digital asset slides further, this range could stop the downtrend and induce a bounce.
Investors and traders should watch the 20 and 50 day EMAs at $0.3406 and $0.3427, and the 100 day EMA at $0.3774 as key resistance levels to overcome a bullish reversal.
Given the prevailing downtrend in the market, traders are advised to approach 1 INCH with caution and be prepared for possible further declines before signs of recovery manifest.
With 1INCH experiencing a downtrend, investors are turning their attention to BTC20, a retro cryptocurrency that recreates the early days of Bitcoin on Ethereum, combining the best of both worlds.
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BTC20: Nostalgic beginnings with modern execution
Projected forecasts indicate that the Bitcoin price could reach the $50,000 benchmark within the next year.
However, an emerging player in the cryptocurrency market, called BTC20, could possibly eclipse the anticipated ascension of Bitcoin.
BTC20 has been billed as the ‘Bitcoin on Ethereum’ and presents the cryptocurrency community with an opportunity to buy at the 2011 Bitcoin price – just $1.
In less than four days since its pre-sale began, BTC20 has already reached an impressive $470,000 with ease in its pre-sale.
Pre-sale is attracting thousands of dollars in investment at a rapid pace, and this trend is expected to continue and even accelerate in the coming days.
BTC20 has set a modest soft cap target of just $3 million, and given the strong momentum it has already built, it is likely to see an increase in the number of buyers in the near future.
Unprecedented returns and green crypto appeal
BTC20 has the potential to generate significant returns for early investors. To illustrate, an increase in the price of Bitcoin from $30,000 to $50,000 would represent a 66% gain.
By comparison, an increase in the price of BTC20 from its pre-sale price of $1 to $50,000 would indicate a 5 million percent increase, which is a significant amount.
This new cryptocurrency takes the essence of the original Bitcoin, often referred to as digital gold due to its Proof-of-Work (PoW) “mining” consensus mechanism and scarcity, and refines it.
BTC20 plans to become even more scarce than current Bitcoin by rolling back the blockchain.
The pre-sale will only offer a maximum of 6.05 million tokens, reflecting the 6.05 million Bitcoin tokens in circulation in 2011.
Running on the Ethereum blockchain that employs the Proof-of-Stake (PoS) method instead of the resource-intensive Proof-of-Work (PoW) consensus mechanism, BTC20 proudly carries the green crypto label, an attractive point for the modern, environmentally conscious investor.
Bet on Passive Income
BTC20’s participate-to-win feature has the potential to captivate investors. Similar to the original Bitcoin, network participants can receive rewards for their contributions.
However, with BTC20, rewards will be accrued through a stake-to-win system, deviating from Bitcoin’s PoW mining system.
Those who purchase BTC20 could enjoy not only capital gains from the projected rising price, but also passive income through staking their tokens.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.