decentralized exchange

Sushiswap Founder Transferred Control of the Project to FTX's CEO, What's Behind This Event?

Chef Nomi, the anonymous founder of decentralized exchange Sushiswap, has transferred the Sushiswap control to FTX’s CEO.

This event comes after the “exit scam” speculations in the crypto community after Chef Nomi announced on Twitter:

“Here’s what happened. The devshare part of me. I converted them to $ETH. I stop caring about price and I will focus on the technicality of the migration.”

Nomi’s Twitter post about transferring Sushiswap’s control to FTX CEO has caused great concerns and may have substantial impact on the price of SUSHI token.

On its first day in the DeFi market, Sushiswap reached $250 million in total value locked (TVL) in cryptocurrencies. The SUSHI token price has surged from around $0.70 on Aug. 30 to its highest of above $12 on Sep.1 and plunged to $1.20 today.

Regarding the project control transferring, Sam Bankman-Fried, the CEO of FXT, responded with a series of tweets. It was not FTX’s ambition towards decentralized exchange or simply another case of marketing.

FTX was active in the capital market these days. Recently, the firm acquired Blockfolio for $150 million. However, the amount has not been verified by third-party audit companies. The news was disclosed in Blockfolio’s official Medium blog.

Sushiswap’s founder, Chef Nomi has remained anonymous, and the relationship between Nomi and the CEO of FTX has not been made clear. Time will tell if this event will revive the Sushiswap project or if it was just an opportunity to sell SUSHI before the token price’s second dip.

Bitcoin Dropped Below $10K, 3 Reasons Bitcoin and Crypto Market Will Crash Again

Updated Sep 9, 2020, at 02:22 UTC

Technical analysis of bitcoin price

Bitcoin is the king of all cryptocurrencies, which can affect the crypto market overall. Bitcoin dropped below $10K yesterday and recovered above $10,400 at its highest today and slumped gradually. At press time, the Bitcoin price dropped around $10k again. This is similar to the price trend on Sept 5. After the price plunged on Sept 2 and 3, the bitcoin price consolidated around $10k. Both rebounds didn’t even touch the 5-day moving average (MA) and 10-day MA which are now strong resistance levels for the bitcoin. We can see the 90-day MA, which was once the strong support level for the last downtrend, is a support level again and the bitcoin price is in a consolidation mode for a few days. But it is quite weak and the second dip is a high probability.

Source: Binance

Sushi Price Analysis

It was apparent that the bull crypto market is driven by the overlap between internal and external factors; the economic stimulus plan which provided more money supply to the market and DeFi craze, especially the decentralized exchanges (DEX) like UniSwap and SushiSwap. The Ethereum and Bitcoin prices are pulled up by the DeFi craze. On Sept. 2, Uniswap’s trading volume has also surged recently, overtaking Coinbase by 20%. What’s behind the UniSwap’s huge trading volume is the contribution of SushiSwap. Like the impactTesla’s stock has on the Dow Jones Industrial Average, SushiWap token has a similar influence on the crypto market.

The price of Sushi token reached 15.97 on its first day on Sept. 1, then the price crashed to 1.13 of its lowest price the following days. The Sushi token crash pulled down the bitcoin price and the whole crypto market. This also overlapped negative news “McConnell Raises Doubts on Congress Getting New Stimulus Done”.

Source: Binance

It was no doubt Sushi price will affect the overall crypto market trend again. As many speculations, manipulations and news on SushiSwap, its future is unsure.

It was reported that Sushiswap founder has exited “scam”, then transferred control of the project to FTX’s CEO. FTX was an exchange backed by Binance. The Sushi token incentive model is also controversial. The Uniswap’s founder, Hayden Adams said, the Sushi project can be created within one day by any competent developer. we still don’t know who is the real anonymous founder Chef Nomi and how is it connected to other exchanges. In addition, the war between centralized and decentralized exchanges, and the war among different decentralized exchanges and their forks, make things much complex.

It is no doubt the future of DEXs is promising. Exchange is the key to exchange values and trade. These DEXs removed the trust and reliance on “trusted third parties”, which further transformed our trust into blockchain-based trust machines. But these uncertainties may have a strong negative impact on Sushi token price, which in turn would affect the crypto market.

Uncertainty of New Money Supply and its scale

As we have analyzed before, the bull of the stock market is driven by the new money supply, so was the crypto market. We can hardly say there will be a second bull market soon, given three conditions: (1) The second stimulus package and its scale are not sure. (2) There are enough profits for parts of investors. We can hardly get that much profit even in a bull market. As reported by Blockchain.News on Sept. 4, Tesla’s price was trading around 70.10 on Mar. 18 and reached 502.49 on Sep. 1. This surge resulted in more than 7 times in value under the current economic turmoil. There were signals to cash out. the Tesla stock had plunged recently.

Opinions expressed are solely the analyst’s own. You should conduct your own research before making a decision.

Bitcoin and Ethereum are Risking a Second Price Dip

Bitcoin price, the 30-day moving average is a strong resistance level

Bitcoin went up to overcome the resistance level of the 30-day moving average (MA) and hit a high of around $11180 on Sept. 19 since its plunge earlier this month. As analyzed previously, the 30-day moving average has become a very strong resistance level for both Bitcoin and Ethereum. Over the last two days of trading, the Bitcoin price has now dropped to around $10,700.

Source: TradingView

Ethereum price, the 30-day MA is a much stronger resistance level than that of Bitcoin

The 30-day moving average resistance level of Ethereum is much stronger than that of Bitcoin. On Sept 19, the Bitcoin price action of the whole day stood above 30-day MA. But for Ethereum, after a few rejections trying to move above the 30-day MA, it ultimately failed, plunging for two days and now the Ether price sits below the resistance level. It appears that the 30-day MA resistance level becomes an even stronger deterrent for Ethereum than previously anticipated. The support level of 90-day MA is around $333. So technically we can expect the next dip very soon.

Source: TradingView

DeFi hype, new tokens become wealth if you cash out for dollars

Bitcoin is getting more and more mainstream attention. Recently, CNBC’s most famous stock market pundit Jim Cramer changed mind, finally buying bitcoin. MicroStrategy’s CEO has become a Bitcoin maximalist from a skeptic a few years ago. He even tweeted that “Bitcoin dominance has advanced from a low of 71.05% on Dec. 20, 2017, to 93.57% today” to rally Bitcoin during its dip. But the Bitcoin price chart has its own way of movement.

The DeFi, especially decentralized exchange hype, has pushed up requirements for Ethereum and put tremendous strain on its network. And the decentralized exchanges, especially Uniswap and SUSHI token, have created more tokens, or in other words, wealth based on sentiment and market expectations. It may be time to cash out soon. There is no doubt lots of people prefer dollars over these new DeFi tokens.

How to Build a Decentralized Exchange (DEX) Like Uniswap in Less than One Hour

Building an Uniswap exchange is simple. Firstly, we need three sets of code:

Factory Contract
Routing Contract
Front-end code

Factory Contract is used for the LP token creation, it will create an LP token for every pair of the swap. The Routing Contract is the one called by the user to interact with the factory contract. The Factory Contract source code can be found here: https://etherscan.io/address/0x5c69bee701ef814a2b6a3edd4b1652cb9cc5aa6f#code

If you are not deploying the code on the main Ethereum network, you need to add the following line after line 398 of the above source code:

bytes32 public constant INIT_CODE_PAIR_HASH = keccak256(abi.encodePacked(type(UniswapV2Pair).creationCode));

We would recommend using Remix, if you are unfamiliar with it, Blockchain.News previously published a guide on using Remix.

Before deploying the contract, we have to compile the contract. Go to Soliditory Compiler, Select “Istanbul” for EVM version, tick “Enable optimization” for Compiler Configuration and click the button “Compile”.

Then, go to Deploy & Run Transaction, select “UniswapV2Factory – browser/xxx.sol” under the contract.

To deploy the contract, the parameter of _feeToSetter is needed, which is the manager of the contract. The address has the right to decide who could get the fee earned from running this exchange.

After the contract is deployed, there are two steps:

1. Execute the function call setFeeTo to assign an address to receive transaction fees.

2. Call the value of INIT_CODE_PAIR_HASH and record it, we need it later.

You can find the value of INIT_CODE_PAIR_HASH as shown in the below image.

We then work on the Routing contract, Routing Contract Source code can get here: https://etherscan.io/address/0x7a250d5630B4cF539739dF2C5dAcb4c659F2488D#code

Search the code at line 700:

hex’96e8ac4277198ff8b6f785478aa9a39f403cb768dd02cbee326c3e7da348845f’ // init code hash

We need to replace the hash with the one we got from the factory contract INIT_CODE_PAIR_HASH. Then the contract can be deployed. Two parameters are needed:

Factory contract address that we just deployed
WETH address

What is WETH?

The Uniswap exchange works well with ERC20 tokens, but ETH is not ERC20. Therefore, the exchange needs a WETH converter to convert eth to WETH, an ERC20 standard. The exchange rate is fixed at 1 to 1. Based on the network you are using, choose the WETH address below as the input parameter.

Mainnet:’0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2′
Ropsten:’0xc778417E063141139Fce010982780140Aa0cD5Ab’
Rinkeby:’0xc778417E063141139Fce010982780140Aa0cD5Ab’
Goerli:’0xB4FBF271143F4FBf7B91A5ded31805e42b2208d6′
Kovan:’0xd0A1E359811322d97991E03f863a0C30C2cF029C’

After we compile and deploy the routing contract, remember to take a note of the addresses of both contracts and init hash code.

The next step is to work on the front-end of the codes:

We can download the code of the front-end by the commands:

git clone https://github.com/Uniswap/uniswap-interface.git
cd uniswap-interface
yarn

Contract address needs to be replaced, we need to replace the router contract address at line 6 of /uniswap-interface/hide/constants/index.ts

We also need to search for a factory address and init hash code for replacement. Make sure the code in node_module/@uniswap also been replaced.

After all, replacement, create a repository at your GitHub. And type the following commands at the folder of front-end codes.

cd uniswap-interface
rm -rf .git
git init
git remote add origin https://github.com/{username}/{project name}.git
yarn add gh-pages
yarn build

Then edit package.json, replace the value of the homepage to https://username.github.io/project name. After saving the file, type the following commands,

git add .
git commit -m “uniswap exchange deployment”
git put
yarn deploy

After everything is completed, you could access your exchange by https://username.github.io/project name with a MetaMask wallet.

Uniswap’s UNI Token Sees Massive Price Plunge as Liquidations are About to Kick In

Uniswap’s UNI token has seen a massive drop in the past few months, dipping from its all-time high of $8.40 soon after its launch, to $1.80 at press time. UNI has experienced enormous sell-off pressure lately, as some UNI whales have been selling their tokens.

While the rest of the cryptocurrency market has been able to witness gains today, in light of the uncertainty of the US presidential elections. UNI has seen a 2.4 percent loss in the past hour, 14.3 percent dip in the past 24 hours, and a 32.9 percent dip in the past week. The decentralized finance (DeFi) token has not been able to make a recovery.

With the added selling pressure from the market, and that both of its governance proposals have failed, Uniswap’s UNI may be only seeing the tip of the iceberg of its price plunge.

As Ethereum (ETH) has become a benchmark for the aggregated DeFi sector, ETH on the other hand, has been able to rally higher, reaching over $400 today.

The Uniswap token has not been able to reclaim its $2.00 support level, as UNI bears have taken control of its nea future outlook, which could take the DeFi token’s price even lower.

UNI could see massive liquidation

A crypto analyst recently explained that Uniswap’s UNI token could see massive liquidation, as the 10x long positions from $2 would be liquidated at $1.75, if the token continues on the bearish momentum. The analyst explained:

“$UNI liquidations about to kick in. x10 longs from $2 getting liqed around 1.75, TPing there.”

Source: TradingView via Twitter

Another crypto analyst commented on the massive UNI price plunge, pointing to the graphs below and saying:

“$UNI $SUSHI Straight to dumpster. Don’t see any accumulation signs yet so I’m passing on this one until I see actual capitulation or bullish break of some pattern or range.”

SushiSwap, which was a fork of the Uniswap protocol, has also faced massive sell-off pressure as it has been a topic of controversy. The SUSHI token has plunged 22.6 percent in the past week, and is trading at $0.49 at press time.

However, it might not be all downhill from here, as the imminent launch of Uniswap V3 may still take UNI’s price higher, as there could be fee distributions for its holders. Uniswap V3 is expected to drastically improve the decentralized exchange (DEX).

Why PancakeSwap is Eating Uniswap’s Lunch

If you’ve been paying attention to the decentralized exchange (DEX) landscape recently, then you have almost certainly seen that PancakeSwap has emerged from seemingly nowhere to become one of the largest DEXes by trading volume.

Despite launching just six months ago, PancakeSwap’s growth has been nothing short of meteoric, and the platform recently flipped Uniswap to become the largest DEX by trading volume — temporarily snatching the title from Uniswap.

Now, PancakeSwap averages between $500 million and $1 billion in daily trading volume and has over 1,200 different markets to trade — many of which involve wrapped ERC-20 assets. But what is behind this incredible growth? Here, we find out. 

It’s Built on Binance Smart Chain

Unlike most other decentralized exchanges, PancakeSwap is built on Binance Smart Chain (BSC) — a platform that uses a next-generation consensus mechanism known as Proof of Staked Authority (PoSA) to produce a level of efficiency not possible with Uniswap.

With Binance Smart Chain, cryptocurrency transfers are finalized in just seconds, and it generally costs just a few cents to send. This resolves two of the biggest issues with Uniswap today — high fees and slow slippage. Likewise, thanks to the Binance Bridge, a huge range of ERC-20 assets can be traded on PancakeSwap as wrapped tokens, allowing users to continue trading their favorite assets without a hitch. 

The capabilities of BSC have already been recognized by several extremely popular blockchain projects, including NewsCrypto — a crypto analytics, trading, and educational hub that recently launched its native token (NWC) on Binance Smart Chain as a BEP-20 asset. Per News Crypto:

“#BinanceSmartChain is growing exponentially, and #PancakeSwap is leading the whole DEX space. Chart with upwards trend. Well, we’re not going to be left out, so a PancakeSwap listing for NWC is coming very soon! Pancakes. Stay tuned for the official link to the trading pair, which we’ll publish here.”

By launching on PancakeSwap, NewsCrypto looks set to become one of the first cross-chain projects to capitalize on both PancakeSwap and Uniswap without the use of wrapped assets. This could pave the way for more promising projects to begin branching to other blockchains to provide a better experience to their users. 

DeFi on BSC is Booming

Right now, Ethereum is the most popular platform for decentralized finance (DeFi) applications. But that’s quickly changing due to the rapid uptake of Binance Smart Chain among developers. 

As arguably the foundational infrastructure for DeFi, automated market maker (AMM) platforms are a crucial part of any DeFi ecosystem since they provide a permissionless, trustless source of liquidity to both new and established projects. 

PancakeSwap represents a turning point for DeFi on Binance Smart Chain, since it paves the way for a wide variety of other DeFi solutions, including yield farms, synthetics, and wrapped asset swaps. 

This has resulted in a huge variety of Ethereum-based projects cross-launching their smart contracts and assets on Binance Smart Chain — including the likes of KIRA, 1inch, and DuckDAO. 

By launching on Binance Smart Chain, these projects stand to be among the first woven into BSCs nascent DeFi landscape, and could benefit from the rapid user growth the platform is currently experiencing — with the number of active wallets on BSC more than tripling since December 2020. 

Backed by Binance

Although PancakeSwap and Uniswap are very similar — in that you can access both through Metamask, both have a similar liquidity provider mechanism and reward structure, and impressive liquidity. There is one major difference between the two. PancakeSwap is backed by Binance. 

As one of several winners of Binance’s BSC accelerator grants, PancakeSwap is one of the only DeFi applications to be directly backed by the exchange behemoth that is Binance. This provides it with a major advantage over Uniswap — marketing. 

As by far the largest cryptocurrency spot exchange by trading volume, Binance has arguably the most marketing firepower of any crypto company. For PancakeSwap, this means massive, sustained exposure to one of the biggest crypto communities on Earth, in addition to priority integration into future Binance products. Binance tweeted:

“Buy $CAKE @PancakeSwap and $ADA @Cardano with 15 Fiat Currencies Directly on #Binance!”

And with Binance essentially running the PR for the platform, it is no surprise that it has seen impressive uptake among Binance Coin (BNB) users — thanks to several cross-promotional activities between Binance and PancakeSwap that have generally focused on providing additional rewards to BNB and CAKE holders. 

For comparison, Uniswap suffers from rather limited marketing, which has slowed its uptake in recent months — particularly among less well-heeled users, that have been put off from using the platform due to high fees and persisting front-running issue. 

What Is a Decentralized Exchange (DEX)？

A DEX, or decentralized exchange, is a blockchain-based exchange that allows traders to directly exchange encrypted tokens with each other.

It does not store user funds and personal data on the server but performs all operations through smart contracts on the blockchain, which is different from traditional centralized exchanges (CEX). Traders can achieve direct peer-to-peer transactions on a DEX without intermediaries. Just like centralized crypto exchanges, they have advantages and disadvantages.

First of all, we need to understand the operating mechanism and the difference between a CEX and a DEX.

Centralized exchange operating mechanism

In centralized exchanges such as Binance and Coinbase, all the core steps of transactions, including recharge, order placement, order matching, and delivery, and cash withdrawal, are all completed on the exchange. For example, investors need to provide their bank statements and some identity information before depositing money on the platform to buy cryptocurrencies.

However, traders do not really hold the digital assets. Rather, they entrust their virtual currency holdings to the exchange and all transactions occur in the database of the centralized exchange.

In other words, this is similar to a traditional bank transaction service. The customers deposit the principal in the bank. The bank will then give you a bank account, which is equivalent to the existence of a private key in a centralized cryptocurrency exchange. However, the bank has ultimate control.

Decentralized exchange (DEX) operating mechanism

Decentralized exchanges use smart contracts to facilitate the transaction of tokens, but they do not actually enjoy the control of tokens. First, orders will be collected into the DEX order pool through authorized smart contracts for other users to view. Other users can choose whether to execute the order. After confirmation, the relevant transaction information will be uploaded to the chain, and the entire transaction process will be completed through a smart contract. Therefore, decentralized exchanges such as Uniswap, 1inch, Balancer, and SushiSwap all rely on blockchain infrastructure to operate.

DEX has three ways to process orders: on-chain order book, off-chain order book, or automatic market maker method.

Advantages of DEX

On a CEX, the wallet stores the funds of all users, making a large amount of funds vulnerable to hack attacks. Once a problem occurs, the consequences are disastrous, which is why DEX is more secure in comparison.

On a DEX, the platform is responsible for providing liquidity for transactions without controlling actual assets.

Decentralized exchanges protect users’ personal information, and users transacting on decentralized exchanges do not need to provide personal information such as social security numbers or addresses.

Disadvantages of DEX

Compared with a CEX, a DEX has a slower transaction speed and a higher cost. Because every transaction record will be recorded in the blockchain network, more computing power is needed, making transactions slower.

Compared with a CEX, a DEX will not provide corresponding customer service, making the user experience less optimal than with a CEX.

DODO DeFi Token: Everything You Need to Know

DODO is a decentralized exchange operating on the Ethereum blockchain that utilizes the algorithm of the Proactive Market Maker (PMM) to provide users with tokens to earn transaction fees.

According to DeFi Pulse data, DODO’s native token DODO is now ranked 37th with a $59.1 million total value locked in the decentralized finance (DeFi) market. It has only been listed for two months and is a relatively new project in the crypto space.

Some of the decentralized exchanges we are familiar with, such as Uniswap, use algorithms such as automatic market maker (AMM), allowing investors to deposit funds into the on-chain liquidity pool in advance, in a completely decentralized and non-custodial manner, all the while providing seamless transactions between cryptocurrencies.

However, traditional AMM possesses the pain points of impermanent loss, low capital efficiency, insufficient liquidity utilization, and multi-token risk exposure.

In order to solve the above problems, DODO created the Proactive Market Maker (PMM) algorithm, which aims to generalize the order book matching system.

High capital utilization

PMM adjusts the pricing curve by using a price prediction system so that a larger part of the liquidity is concentrated around the market price of assets. This enables more active and frequent transactions, thereby improving capital efficiency and reducing impermanent losses. As shown below, near the market price, the DODO curve is flatter than the Uniswap curve, indicating higher capital utilization and lower slippage.

Unilateral transaction

At the same time, PMM allows market makers to deposit solely unilateral assets of a certain trading pair, so traders do not need to bear bilateral risks.

Low transaction costs

The DODO mainnet integrates the Chainlink oracle, which provides price updates by aggregating responses from twenty-one different price feeds, and reasonably allocating less costly transaction fees to liquidity providers.

DODO has gained the approval of many top global investment institutions including Three Arrows Capital, Binance Labs, Coinbase Capital, and Alameda Research, to name a few. Dodo is currently listed on the Binance and FTX exchange.

1inch Launches Wallet on Apple iOS App Store

1inch, a decentralized exchange aggregator operating on both Ethereum and Binance Smart Chain (BSC), launched its wallet for iPhone users on Apple iOS on Tuesday.

The operation of this wallet will make it easy for users to exchange tokens on their mobile devices with the convenience of portability. The wallet will enable users to switch between BSC and Ethereum at a real-time lower transaction rate for digital currency exchange.

Not only on the mobile phone, but users can also approve and confirm transactions on Apple Watch. The application will also encrypt Apple iCloud backups, allowing users to migrate between different devices.

1inch itself ranks as the 7th largest Decentralized Exchange (DEX), with a total locked value of $311.7 billion based on DeFi Pulse data.

According to Debank,1inch has a 24-hour trading volume of $232,805,465 on the Ethereum chain and $100,320,794 on Binance Smart Chain (BSC).

1inch(1INCH) Price Analysis

Source:1INCH/USDT Daily via TradingView

Judging from the daily candlesticks chart, 1inch (1INCH) gradually showed a double top pattern (also known as the “M” pattern) after late March. 1INCH formed the first peak at $6.67 on April 9, accompanied by a rapid increase in trading volume. Subsequently, the price dropped by about 20% to $5.26. The currency rebounded after and rose to $6.65 on April 18, but the trading volume contracted slightly from the first peak. Then it fell below the support of the neckline of around $5.50 drawn on the above chart.

Currently, 1inch’s price has rebounded and the bulls are trying their best to push prices above the 20-Exponential Moving Average. At the time of writing, 1inch is trading at $5.01.

The stochastic RSI has stepped out of the oversold zone, meaning a bullish crossover may potentially drag 1INCH’s price upward in the near term. The MACD index also gradually slows down, which indicates that it may form a bullish “golden cross” near the zero axes.

However, after 1INCH has formed a double top pattern, it will encounter strong resistance from the neckline of $5.50 on its way up. It is worth noting that the main force often creates false breakthroughs without expanding trading volume.

Therefore, it is recommended that investors buy when there is a rudimentary bottom pattern on the right side with increasing trading volume, or buy when the neckline is broken and the retraction is confirmed. Retraction confirmation means that after the crypto price develops in a certain direction and breaks through the neckline, the crypto price will return to the neckline within a few days to test whether the breakthrough is successful.

If the bulls manage to flip the $5.50 to a support level, then the 1INCH/USDT currency pair may start the next upward trend, targeting its all-time high of $6.67 level.

If the bears pull the price back below $5.50 support, such a move will indicate the possibility of expanding the decline for 1INCH in the short term.

The decline of 1inch is very likely to exceed 20%.

1INCH Hits a New All-Time High

1inch, a decentralized exchange (DEX) aggregator, announced today that 1inch Network will aggregate liquidity of MDEX on Binance Smart Chain (BSC).

1inch is a type of liquidity protocol specialized in providing customers with the most favourable and most convenient transaction route by automatically aggregating offers from various decentralized exchanges.

MDEX is committed to building a Decentralized Finance (DeFi) platform integrating DEX, IMO, and DAO, providing one-stop liquidity services for more high-quality assets for users with safer, more reliable, diverse, and cost-effective trading experience.

1inch and its aggregation service Pathfinder provide users who need to exchange tokens with the best prices and finds the best trading path across multiple DEXs in less than a second.

1inch, which reached another milestone by surpassing $35 billion in total trading volume on the Ethereum network, released an official blog stating that the core of the 1inch aggregation protocol is the 1inch v3 smart contract, which is aimed at guaranteeing the security of transaction funds.

Version 3 of this aggregation agreement provides users with additional swap savings. Before the version update, the Uniswap v2 exchange was cheaper than 1inch, but now the situation has reversed. For example, swapping ETH to 1-inch DAI reduces gas fees by 10.3% compared to the same transaction on Uniswap and 4.9% less than 0x.

1inch (1INCH) Price Analysis

Source:1INCH/USDT Daily via TradingView

1inch soared by 33.12% within 24 hours. Today, it broke through the pressure line of the previous double top at $6.67, setting a record high of $7.48.

At the time of writing, 1inch is trading at $7.43.

In the previous analysis, we pointed out that 1INCH has formed a double top pattern and will encounter strong resistance from the neckline of $5.50, consolidating at this level. Retraction confirmation means that after the crypto price develops in a certain direction and breaks through the neckline, the crypto price will return to the neckline within a few days to test whether the breakthrough is successful.

Yesterday, the bulls pushed the price much higher than the neckline of $5.50, starting a strong upward surge. Today, the bulls continued the bullish momentum, breaking through the previous high of $6.67, and setting a new all-time high of $7.48.

The RSI index has bent upwards to the oversold zone, meaning a bullish momentum may potentially lead to 1inch’s price trending upward in the near term. The opening range of the MACD indicator is gradually increasing, which means that 1inch may continue to set new highs in the short term as it is undergoing price discovery.

If the bulls manage to flip the $6.67 to a support level, then the 1INCH/USDT currency pair may start the next upward trend, targeting $9.00.Conversely, if the bears pull the price back below $6.67 today, this will lead to the possibility of horizontal movements for a while.