APT might not reach $10 before the unlock because it’s facing resistance at $9.69. If CYBER’s price goes up to the Fib level at $7.80, it could see a pullback. GLMR has a chance to break out and reach $0.45 soon if it maintains support at $0.38.
This week, around five crypto projects are gearing up for token unlocks, as reported by Token Unlocks. One of the most significant unlocks is from Aptos (APT), with plans to release tokens worth $228.05 million on January 12.
Token Unlocks: Impact on APT, CYBER, and GLMR Prices
About five crypto projects are in the spotlight for token unlocks this week, with Aptos (APT) taking the lead by releasing tokens worth $228.05 million, representing 8.05% of its total supply. CyberConnect (CYBER) and Moonbeam (GLMR) are also part of this, with GLMR’s unlock valued at $1.24 million and CYBER planning to release tokens valued at $9.38 million, accounting for 8.51% of its supply.
Token unlocks involve releasing a certain amount of coins that were previously restricted from entering circulation. This strategy is designed to prevent team members or early investors from flooding the market with large sell-offs. However, it’s crucial to note that token unlocks often lead to market volatility, impacting trading volume and prices. Typically, cryptocurrency prices experience a temporary decline after a token unlock event.
Aptos (APT) Token Unlock Impact: Short-Term Challenges and Price Analysis
Aptos (APT) is gearing up for its token unlock, the first since November 2023, when the price stood at $8.32. During that unlock, the impact was minimal, and prices traded sideways.
Recent observations on January 5 show a drop in the APT/USD 4-hour chart from $10.90 to $9.10. However, in the last 24 hours, APT has joined the broader market recovery, currently priced at $9.11.
In the short term, APT might face difficulty reclaiming $10 due to resistance at $9.69. The RSI suggests a slowdown in buying momentum, indicating potential challenges for bulls in breaking the resistance. If unsuccessful and facing rejection, APT risks losing its grip on the $9 region.
APT/USD 4-Hour Chart (Source: TradingView)
The Awesome Oscillator (AO) hints at negative momentum at -0.67, but the appearance of green bars suggests bulls are attempting a positive shift. If successful, reaching $9.30 could be a starting point. However, the upcoming token unlock on January 12 may introduce downward pressure if positive momentum isn’t sustained.
CYBER Token Unlock Impact: Bullish Momentum and Price Analysis
Similar to Aptos, CYBER experienced its last token unlock approximately a month ago. Interestingly, the current price of CYBER sits at $7.51, reflecting an impressive 11.02% surge over the past 24 hours, according to CoinMarketCap data.
Analyzing the 4-hour chart reveals an emerging bullish structure for CYBER, suggesting the potential for further price increases. The Fibonacci retracement indicator points to a possible rise to $8.13, representing the 0.786 Fib level. However, caution is advised, as a dip to $7.80 may occur if demand doesn’t rise, indicated by the $0.618 Fib level. Another potential entry level is around $7.50, where the $0.382 level is situated.
CYBER/USD 4-Hour Chart (Source: TradingView)
Furthermore, the Accumulation/Distribution (A/D) indicator has been on the rise since January 6, supporting the initial bullish outlook and the possibility of a rise above $8. It’s essential to note that the price could reverse if participants decide to take profits.
GLMR Price Analysis: Mild Increase and Breakout Potential
At the time of writing, GLMR is trading at $0.40, indicating a slight increase in the last 24 hours.
Analyzing GLMR’s price action in the 4-hour timeframe suggests a potential breakout due to the formation of an asymmetrical triangle. While the pattern shows minimal signs of the potential trend, confirmation of the breakout relies on the MACD shifting from its predominantly bearish state. If this occurs, GLMR has the potential to surpass the $0.45 resistance, contingent on the $0.38 support holding.
GLMR/USD 4-Hour Chart (Source: TradingView)
However, the failure to breach $0.45 poses a risk for the cryptocurrency, potentially leading to a drop below $0.40. Monitoring the MACD’s movement will provide insights into the likelihood of a breakout for GLMR.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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