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1inch Network Integrates Lumia To Help DeFi Liquidity — Can 1INCH Recover From 30% Downtrend?

Last Updated March 20, 2024 3:22 PM
Nikola Lazic
Last Updated March 20, 2024 3:22 PM
By Nikola Lazic
Verified by Peter Henn

Key Takeaways

  • 1inch integrates Lumia, enhancing DeFi liquidity.
  • Integration could reverse 1inch’s 30% market downtrend.
  • 1INCH’s recovery potential with possible rise to $1

The 1inch Network, a cornerstone in the decentralized finance (DeFi) arena, has recently announced its integration with Lumia. It aims to bolster DeFi liquidity and challenge the competitive edge of centralized exchanges. 

During a 30% downtrend that has left stakeholders questioning the future, this integration could potentially be the catalyst for recovery.

Lumia Integration 

This partnership, announced  on March 18, 2024, should enhance the 1inch ecosystem by providing access to a broader liquidity pool through centralized giants like Binance, OKX, and KuCoin. It will be helped by Lumia’s role as a private market maker. Lumia will also resolve orders in 1inch’s gasless trading solution, Fusion.

In addition, Orion DAO has rebranded to Lumia DAO following a decision to fully transition. It will, therefore, undergo a 1:1 token swap from its original ORN token to the new LUMIA token. 

Lumia also aims to provide deeper on-chain liquidity and improved trading efficiency across the crypto market. The 1inch Network, a liquidity aggregator which has processed over 76 million trades with a total volume exceeding $428 billion, was the first DAO to hire a legal team through a vote in January 2024. This new integration and transition to Lumia DAO represent significant steps towards bridging the gap between centralized and decentralized finance platforms.

1INCH Price Analysis 

1INCH peaked at $8 in May 2021. After that, it entered a prolonged bear market where it lost over 95% of its value. It hit its lowest point of $0.20 in September 2023. 

Daily chart.
First uptrend could have ended.

From there, it started a new uptrend, which led to a breakout above the long-lasting descending triangle. This could have signaled the start of a new bull cycle. It climbed to $0.70 on March 14, rising by 200% from its September low, but, judging by the wave structure and the downturn since the high, it might be over. 

1INCH dipped below $0.50 at its lowest on March 20, making an interaction with its ascending support anchored at its September bottom. If this level breaks, we expect further downside movement. The following significant level that could serve as a stopping point is around $0.33. 

If, however, the price makes a bounce, it could enter another upward advancement to a higher high of potentially $1. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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