1inch Targets the $3 Mark Following Market Recovery

The cryptocurrency market has put on an impressive performance so far this week, with most coins now up by more than 2% in the last 24 hours.

1inch Network Rallies by 10% in 24 Hours

The broader cryptocurrency market underperformed earlier this month, with Bitcoin temporarily dropping below the $40k level. However, since the start of the week, the market’s performance has improved.

Bitcoin is now trading above $43k after adding 2% to its value in the last 24 hours. Ether is targeting the $3,500 psychological level thanks to its rally over the past few hours. However, one of the top performers at the moment is 1INCH, the native token of the 1inch Network.

1INCH is currently trading above $2.3 per coin, up by more than 10% over the past 24 hours. There is no catalyst behind this move except the cryptocurrency market recovery. The market rally has seen numerous coins and tokens recover some of their lost values over the past few days.

Earlier this week, the total cryptocurrency market dropped below $2 trillion. However, it is now back above that level and could soon reach $2.1 trillion if the rally is sustained over the coming hours and days.

1INCH Could Touch $3 Soon

1INCH’s technical indicators show that the cryptocurrency is recovering from its recent bearish trend. If the current rally is sustained, 1INCH’s technical indicators will enter the positive zone soon.

The MACD line is below the neutral zone but could soon enter the positive territory. Meanwhile, the RSI of 50 shows that 1INCH is no longer oversold. If the bulls remain in control, 1INCH could soon face more buying pressure from the market.

At press time, 1INCH is still trading below its 50-day moving average of $2.67. However, it could break past the 50-day EMA point soon if the market conditions remain the same.

In the event of an extended rally, 1INCH could reach the second major resistance level at $3.23 before the end of the day.