The post $5M bet lifts 1INCH 29% Will bulls hold the $0. 20 line? appeared com. Key Takeaways Why is 1INCH up today? The price of 1INCH rose due to team purchases, network activity, and whale orders. Will the breakout hold? The altcoin could maintain the bullish momentum only if it managed to stay above the $0. 20 level. The price action of 1inch [1INCH] rose by more than 29% since the team bought from Binance. However, at the time of writing, the gains had decreased to 17% following an immediate rejection at the level above $0. 20. The team’s buy was not the only driver of this surge; network activity also played a part. Key catalysts in the trend As per data from Arkham, the 1INCH team investment fund splashed $5 million on Binance to go long on the token. The buy was executed at $0. 15, thus pushing the price back above $0. 20, which represented an uptick of 29%. The organization has consistently made similar investments, as historical data indicates that their actions influenced the price increase from $0. 24 to $0. 53 late last year. Whether the buy volume can continue driving prices higher remains uncertain. Additionally, a spike in transaction counts in the past day fueled the altcoin’s surge. Transactions rose from 1K to 4. 8K, indicating strong network activity. All these correlated directly with price action delivery, which was to the upside. What’s needed for the price? On the charts, 1INCH price reversed from $0. 15 and broke above $0. 20, but this trajectory did not last. Despite this, the MACD maintained its bullish outlook. The Money Flow Index (MFI) traded above 82 as of writing. The two indicators suggested that buyers were dominant, although the size of the displayed bars indicated.
