APT’s unlocking event may not greatly affect its price, but a bearish movement toward $8.20 is possible. IMX has exited its ascending channel, while SUI shows potential for higher returns. SEI’s bullish activity has been subdued, similar to the situation with ROSE.
According to DeFi research specialist Alex Wacy, numerous projects are slated for token unlocking this February. Token unlocks involve releasing previously restricted tokens into circulation.
Token unlocks play a crucial role in balancing the supply and demand dynamics of a cryptocurrency. This February, approximately $1 billion worth of various tokens are scheduled to be released into circulation. Notably, several top projects will be affected by these unlocks, including Aptos (APT), Immutable (IMX), Sui (SUI), Sei Network (SEI), and Oasis Network (ROSE).
Large token unlocks in February ❄️🧵:
• $DYDX – $91M February 1
• $SUI – $100M February 3
• $NYM – $14M February 3
• $GMT – $28M February 9
• $CGPT – $9M February 10
• $APT – $230M February 12
• $SEI – $85M February 15
• $MANTA – $51M February 18
• $ROSE – $19M February… pic.twitter.com/aK2dT2Phkk— AlΞx Wacy 🌐 (@wacy_time1) January 31, 2024
Aptos (APT) Token Unlock: February 12
Aptos is gearing up for its next token unlock scheduled for February 12, with approximately $230 million worth of tokens set to be released into circulation. Despite previous token unlocks having minimal impact on APT’s price, the upcoming event remains noteworthy.
At the time of writing, APT was trading at $8.77, with the support level at $8.75 aiding its recovery following an initial decline. However, encountering resistance at $9.10 could impede APT’s upward trajectory in the short term.
Analysis of the 4-hour APT/USD chart reveals a bearish outlook, as indicated by the Aroon indicator. The Aroon Up (orange) has fallen to 35.71%, while the Aroon Down (blue) has risen to 92.86%, indicating greater bearish dominance.
APT/USD 4-Hour Chart (Source: TradingView)
Immutable (IMX) Token Unlock: February 23
On February 23, Immutable (IMX) is slated to unlock tokens worth $70 million, adding to its circulating supply. In the past 24 hours, IMX has experienced a 4.64% decline, currently trading at $1.93.
Similar to APT, IMX’s 4-hour chart exhibited a rise in RSI readings coinciding with APT’s price surge. This upward momentum led to the formation of an ascending channel, propelling IMX’s price above $2. However, the token eventually became overbought, resulting in a shift towards bearish sentiment.
Confirmation of the bearish momentum came from the MACD, with the reading turning negative. Without significant buying pressure, IMX could potentially retreat to $1.80, representing the next crucial support zone.
Moreover, the RSI suggests a fading bullish momentum observed between January 23 and 30. Looking ahead, APT’s price could potentially dip to $8.20, although a bullish scenario sees a limited possibility of the token reaching $9.50.
IMX/USD 4-Hour Chart (Source: TradingView)
Sui (SUI) Token Unlock: First Release
Sui’s token unlock, valued at $100 million, is set to occur early among the scheduled unlocks. Historically, such events have often resulted in high returns for SUI, given that it’s the first year of unlocking tokens.
Following its all-time high (ATH) of $1.65 on January 30, SUI has experienced a price decline due to profit-taking, with the current value standing at $1.46.
Analyzing the market direction, the +DI (green) indicates a decrease in buyer dominance, while the +DI (red) suggests an increase in seller activity. If this trend persists and the ADX (yellow) remains above 25, SUI’s price could see further decline.
SUI/USD 4-Hour Chart (Source: TradingView)
Additionally, insights from the Fibonacci retracement signal potential pullbacks to the 0.5 or 0.618 levels. Entry points for SUI may be identified around $1.25 and $1.32 if these levels are reached.
Sei (SEI) Token Unlock: Anticipated Release
SEI is gearing up for another token unlock, this time worth $85 million, scheduled for February 15. Historically, previous token unlocks by SEI have had minimal impact on price action.
Over the past few days, SEI’s price has seen a decline, contrasting with its earlier surge from $0.23 to $0.88. Presently, the token appears to be in a quiet phase, with bullish momentum subsiding.
The Awesome Oscillator (AO) currently reads -0.012, indicating a growing downward momentum, supported by the Chaikin Money Flow (CMF) trending downwards as well. From a technical perspective, SEI may not see a quick recovery, with the potential for its price to drop to $0.55.
SEI/USD 4-Hour Chart (Source: TradingView)
Oasis Network (ROSE) Token Unlock: February 18 Release
ROSE’s upcoming token unlock event appears to be the smallest among the five projects, with tokens worth $19 million set to be unlocked on February 18.
Currently, ROSE is trading at $0.0999, with the 4-hour chart indicating a bearish trend as the price has dipped below both the 9 and 20 Exponential Moving Averages (EMAs).
ROSE/USD 4-Hour Chart (Source: TradingView)
The 9 EMA stands at $0.102, while the 20 EMA is at $0.104, suggesting a continued downward trajectory for ROSE’s price.
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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