1inch Network releases its Fusion upgrade: will 1inch rally higher?

• 1inch Network has announced the release of its Fusion upgrade.

• The upgrade is set to empower DeFi users to place orders with a specified price and time range.

• 1INCH is up by less than 1% today but could rally higher soon.

1inch Network’s Fusion upgrade is now live

The 1inch Network team announced earlier today that its Fusion upgrade had been released. Fusion is a major upgrade centered around the 1inch Swap Engine and is set to empower DeFi users to place orders with a specified price and time range.

1/ 🙃 Remember we teased some major release about a week ago?

This upgrade is gonna turn the #DeFi game 🔃 upside down.

⛽️🚫 Meet #FusionMode, which enables users to place orders without paying network fees!

➡️ Read more: https://t.co/bniaJKEWnp#1inch #crypto

— 1inch Network (@1inch) December 25, 2022

This latest cryptocurrency newshas seen 1INCH outperform the broader cryptocurrency market so far today. At press time, the price of 1INCHstands at $0.4016 per coin, up by less than 1% in the last 24 hours.

The broader cryptocurrency market is underperforming so far today. At press time, the total cryptocurrency market cap stands at $810 billion, down by less than 1% so far today.

Bitcoin is also up by less than 1% in the last 24 hours but continues to struggle to move past the $17k resistance level.

Key levels to watch

The 1INCH/USD 4-hour char is bearish as the coin has been underperforming in recent days. The technical indicators show that 1INCH could be ready for a breakout soon.

1INCH/USD Chart By TradingView

 

The MACD line remains below the neutral zone but continues to move higher. If the bulls gain control soon, the line could cross into the positive region.

The 14-day relative strength index of 32 means that 1INCH is no longer in the oversold region. However, it would need to rally higher before it can enter the overbought zone.

If the bulls pick up pace, 1INCH could surge past the first major resistance level at $0.49 before the end of the day. However, the second major resistance level at $0.63 would be hard for 1INCH to breach in the near term. 

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