1INCH Tumbles Again Amid Bearish Sentiment. Is Chimpzee a Better Alternative?

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1INCH continued to slide amid bearish sentiment. As of 4:48 am EST, 1INCH had shed 9.3% of its price in the last 24 hours after a gain of 28% in the past month.

1inch Price Action

Evaluating the past and present price actions and the price outlook of 1inch by technical analysts gives a clearer understanding of the asset’s behavior in the cryptocurrency market.

During the last year, 1INCH lost 50.9%, and after some more positive times the coin is dropping again. Its trading volume over the last 24 hours is also down by 79%, at $95 million.

1INCH Likely To Face Bearish Momentum

In the chart above, the asset is commencing a bearish market movement today amid the short-term bullish trend.

1INCH trades above the 50-Day Simple Moving Average (SMA) but below its 200-Day SMA. This means that the crypto is in a short-term bullish and long-term bearish trend.

1INCH’s Moving Average Convergence Divergence (MACD) indicator is still above the signal line but with a faded green bar on the histogram. This shows that the asset has been bullish, but the bulls are losing the effect of their momentum.

The chart above further shows a red candle stick forming below the short green candle, representing a tumbled market and an increase in selling pressure.

Also, 1INCH’s Relative Strength Index (RSI) is moving from the neutral region at 54.79 toward the oversold zone. This confirms the bearish momentum building on the red candle and faded histogram bar in the chart.

1inch’s Support and Resistance Levels

The market situation depicted in the chart shows that the 1INCH market has been in an intermediate trend in the last 18 days and on a short-term uptrend in the last 4 days.

With the bears in charge, the increasing selling pressure today can take the asset’s market price below the $0.35 level away from its $0.39 resistance in the long run.

This might boost the negative sentiment in the market as many traders may take this opportunity to sell off their assets at this high price. On the other hand, if the bulls reclaim the bullish momentum before the end of the day, trading activities may resume, fuelling the demand for 1INCH tokens.

Traders seeking to join the market when the asset’s price has become cheaper may provide support at $0.30 or wait for it at the $0.26 support level.

What will Drive 1INCH Upward?

An on-chain analytics-centered profile, Lookonchain, emphasized on Twitter that a whale had transferred 7 million 1INCH tokens, equivalent to $3.88 million, to a prominent centralized exchange, Binance.

Whales moving significant amounts of coins to a centralized exchange frequently raises red flags for a cryptocurrency since it could suggest that they intend to use the exchange to liquidate their holdings, which might lead to increased sell pressure and drag down the coin’s price.

This might have attracted the retracement in the asset’s price since July 17, 2023, and if the speculators continue to sell their tokens following the whale’s action, 1INCH’s price could drop further.

Chimpzee Might Skyrocket in No Time

The new environment-concerned web3 project, Chimpzee, focuses on protecting animals and trees of different species while empowering its supporters with crypto rewards for participating in the movement.

In the heart of Chimpzee is the utility-infused native token, $CHMPZ, that powers all activities and transactions on the platform, serving as the primary currency for the Chimpzee ecosystem.

Chimpzee Features

As a revolutionary crypto project, Chimpzee comes with various features that target the same aim of the project while creating a passive income source for its participants.

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The Chimpzee Shop

The Chimpzee shop serves as the platform’s commerce center, operating on a Shop2Earn model. Users who shop on the ecosystem with their tokens get rewarded with CHMPZ coins.

The NFT Marketplace

Unlike other NFT marketplaces, Chimpzee provides a Trade2Earn NFT marketplace that entitles members to CHMPZ coins whenever trading fees are shared on the platform. One of the criteria to qualify for a share is to be an NFT passport holder or active trader on the platform.

The Zero Tolerance Game

To engage and entertain the Chimpzee community while trailing along the project’s goal, the Zero Tolerance Game intends to provide a gamified experience for individuals fighting climate change and protecting animals and forests from destructive activities. This game comes with a Play2Earn model, allowing players to earn CHMPZ coins each time they unlock any achievement.

NFT Passport

The NFT passport is a reward booster that doubles the benefits, gains, and goodies giving users on the Chimpzee platform. If you’re a Chimpzee NFT passport holder, you’re entitled to high earnings across the Trade2Earn, Shop2Earn, and Play2Earn ecosystems.

Moreover, you’ll need the $CHMPZ token to get a Chimpzee NFT passport.

$CHMPZ Presale

The Chimpzee token presale is still in stage 7, with over 1.5 CHMPZ tokens sold, raising more than $894K in the long run.

The presale price for the token is $0.0007 CHMPZ, where 1 USDT is equivalent to 1429 CHMPZ. Interested investors can buy now before the price climbs to $0.000775 CHMPZ.

How to Purchase Chimpzee

Navigate to the presale widget on the Chimpzee website
Connect your Trust Wallet, MetaMask, or any other ERC-20-supported crypto wallet
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