1INCH retests $0.43 amid sustained bullish sentiment driven by strategic partnerships

1inch Network (1INCH) price hit a snag towards the end of May after a magnificent rally and proceeded into a month-long bear trend that saw the token drop to around $0.30 at the beginning of July.

However, the token has bounced back and has retested the $0.43 level, after a 2.8% increase over the last 24 hours.

This surge comes amidst a week-long trend where the token has seen an 8.21% rise, bolstered by a series of strategic partnerships and bullish market sentiment.

Strategic partnerships push 1INCH’s price up

1inch Network, renowned for its role as a decentralized finance (DeFi) aggregator, has been actively expanding its ecosystem through impactful collaborations.

After unveiling a hardware wallet in 2023 1Inch Network in April this year introduced a Web3 Debit Card in partnership with Mastercard and Baanx.

This initiative marked a milestone in integrating traditional finance with blockchain technology, enhancing accessibility and utility for 1INCH token holders.

In June, 1inch further strengthened its position in the Web3 security realm by partnering with Blockaid to launch the 1inch Shield. This initiative aimed to bolster security measures within the ecosystem, ensuring safer transactions and user interactions across decentralized exchanges (DEXes).

The momentum continued in July with the launch of the Triangle accelerator program. Developed in collaboration with Notcoin and Sign, Triangle aims to foster innovation within the Telegram and TON ecosystems.

This initiative seeks to support developers in creating consumer-centric applications that bridge Web2 and Web3, targeting enhanced user experience and accessibility.

The strategic alliances have not only diversified 1inch’s offerings but also positioned it favorably amidst a competitive DeFi landscape.

The recent integration of a Web3 RPC API tool on July 8 further simplifies blockchain access for developers, promoting wider adoption and scalability.

1inch Network price bullish trend projected to continue

The current 1Inch Network bullish trend seems to be gaining momentum as supported by a number of indicators including technical indicators, futures open interest, and funding rates.

The RSI indicator is bullish and well below the oversold region, which shows the current bullish trend still has room before any possible pullback.

In addition, the 9-MA and 21-MA lines have already crossed and the price is well above both moving averages, which further solidifies the bullish trend.

Source: TradingView

According to the Exchange 1INCH Futures Open Interest data from CoinGlass, 1INCH’s Futures Open Interest has seen a significant uptick over the past few days despite taking a hit since May 29.

Increasing Open Interest shows more money flowing into the market as investor buying increases thus signaling a bullish trend. The 1INCH Open Interest has surged by about 6% to 18.75M over the last 24 hours

The 1INCH OI-Weighted Funding Rate is also positive indicating the bullish trend hasn’t lost its momentum yet.

Notably, funding rates are fees set by exchanges to align perpetual contract prices with underlying asset prices, facilitating fund exchanges between long and short traders.

These rates adjust based on contract deviations from asset prices, encouraging payments in opposite directions — positive in bullish markets, where long pays short, and negative in bearish markets, where short pays long — to maintain price parity.

If the 1inch Network bullish trend continues, 1INCH price could hit $0.50 by the end of the week.