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The recent launch of Fusion+ by the 1inch Network has ignited bullish momentum for the 1INCH token price, signaling a potential recovery from its recent dips.
As the market reacts positively to this innovative cross-chain swap technology, all eyes are now fixed on the price of 1INCH, with heightened expectations for a breakout.
Traders and investors are closely monitoring the situation as optimism grows around the token’s future.
Fusion+ introduction aims to transform cross-chain swaps
Fusion+ represents a significant upgrade to the 1inch ecosystem, building upon the foundations laid by its predecessor, Fusion, which was launched in 2022.
This new feature allows users to swap cryptocurrencies across multiple blockchain networks without relinquishing custody of their assets.
The future of cross-chain swaps is here, and it’s called Fusion➕ Powered by intent-based atomic swaps, it’s a complete reinvention of how cross-chain should be 🔀 Gasless, secure, fully self-custodial, with a seamless UX ✨ Ready to experience perfection? Dive deeper 🧵⬇️
By pooling both on-chain and off-chain liquidity, Fusion+ aims to deliver secure and convenient swaps while incorporating built-in protections against maximal extractable value attacks.
Powered by atomic swap technology, Fusion+ ensures that cross-chain transactions are not only secure but also trustless.
This means that the risk of asset loss due to transaction failures is mitigated, as the system is designed to automatically return assets to their original owners if conditions aren’t met.
The innovative use of smart contracts further enhances the process by enforcing transaction terms without requiring trust between parties.
Is a 1inch price breakout imminent?
Since the rollout of Fusion+ on September 18, 1INCH has experienced a surge of approximately 10%, reflecting positive market sentiment, with many analysts anticipating a bullish breakout
Technical indicators suggest a short-term bullish trend with a focus on the key resistance level at $0.3112, which the token needs to surpass to maintain upward momentum.
Analysts forecast that the token could reach $0.3065 within the next ten days, while long-term projections estimate a trading range between $1.02 and $3.01 within the remaining part of 2024.
The recent uptick in trading volume, which surged by 42.30%, adds to the positive outlook for 1INCH.
The 14-day relative strength index (RSI) sits at 55.64, indicating that the market is in a neutral zone without being oversold or overbought.
Source: TradingViewAs Fusion+ transforms the way users interact with the platform, the growth potential is immense, making 1INCH a token to watch in the coming months.
As a result, investors and analysts are keenly watching for any breakout signals as the token seeks to reclaim its past glory.
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