1inch price could display a new wave of bullish momentum amid Binance’s validation

1inch price (1INCH) failed to display any directional bias since mid-March, consolidating under the 200-day Exponential Moving Average (EMA) as this price-tracking indicator stunted the growth potential of the altcoin. A bullish effort to escape from the bearish grip was present but not sufficient compared to the fight put by the bears, which explains the red candlestick on April 19 in the one-day chart below).

1inch price could benefit from this validation ticket by Binance exchange

Investors seem encouraged by a recent development in the ecosystem, and 1inch price could register a significant pullback soon. In an official announcement by Binance Exchange, the 1INCH token has merited an exit from the giant exchange’s innovation program.

From the announcement, 1INCH token has joined the likes of Shiba Inu (SHIB), Frax Share (FXS), and Trust Wallet Token (TWT), which have exited from Binance’s Innovation Zone. Notably, this is a space where Binance users enjoy a safe place to trade new and innovative projects. Citing Binance:

Over time, some of these projects have proven their worth and meet the high level of standard that we expect. When we identify such projects during our periodic project review, we will move them out of the Innovation Zone.

The validation means 1INCH meets Binance checks, including team commitment to the project, level and quality of development activity, trading volume and liquidity, stability, and safety of network from attacks, network or smart contract stability, and level of public communication. Other criteria include responsiveness to periodic due diligence requests, evidence of unethical/fraudulent conduct or negligence, and contribution to a healthy and sustainable crypto ecosystem.

1inch price could rise 20% if the support at $0.487 holds

1inch price is $0.511 at the time of writing, up almost 1% in the last 24 hours. The token is also recording a 20% increase in its 24-hour trading volume, indicating growing activity among token holders. As such, its market value could increase.

An increase in buying pressure for the altcoin could fuel a surge in 1inch price, sending it above the 100-and the 50-day EMA at $0.529 and $0.532, respectively. If sidelined investors join in from these supplier congestion zones, it will rejuvenate the bullish momentum, provoking an extended rally north to the 200-day EMA at $0.586.

A sustained bullishness above the aforementioned level could see 1inch price extend a neck up to tag the $0.558 resistance level, denoting a 20% ascension from the current price. The altcoin could reach the $0.688 resistance level in highly bullish cases.

1INCH/USDT 1-day chart

Conversely, if bears overpower the bulls, 1inch price could drop toward the immediate support at $0.487. A daily candlestick close below this level could invalidate the bullish thesis. In such a case, the altcoin could extend a leg down to tag the $0.436 swing low before a possible reversal.