Overview of Token Unlock Events in the Cryptocurrency Market
Investors in the cryptocurrency space are closely observing token unlock events as they have a significant impact on token prices. According to reports, a substantial $273.74 million worth of tokens is set to be unlocked in the upcoming week, with particular attention on Aptos' native token APT.
Understanding the Aptos Unlock Event
Recent data indicates that Aptos is scheduled to unlock $69.44 million worth of APT tokens tomorrow, making it the most significant unlock event of the week. The unlocking event is set for July 12 at 17:00 and constitutes 2.49% of the total APT token supply. The current trading price of the APT token is $6.14, leading investors to closely monitor this event.
Analysis of APT Price Movement
The price of APT has experienced a substantial decline from $19 on March 26, plummeting by almost 70% due to a recent downtrend. A critical resistance level for APT is identified as the EMA 9 average on the daily chart. The persistent downtrend has prevented the formation of a stable pricing structure.
Key support levels for APT are positioned at $5.96 and $5.30. A breach below $5.30 might induce fresh selling pressure, while a double bottom at this level could potentially propel APT's momentum. Resistance levels to monitor include $6.55 and $7.44, and a close above $7.44 could signal a next target at $9.92, the EMA 200 average.
Insights for Investors
Here are actionable insights for investors: - Keep track of the $69.44 million Aptos token unlock planned for July 12. - Monitor key support levels at $5.96 and $5.30 to identify potential buying opportunities. - Assess resistance levels at $6.55 and $7.44 to anticipate potential price fluctuations.
These insights aim to assist investors in navigating the volatile cryptocurrency market and making well-informed decisions based on upcoming token unlock events.
The original article was first published on BH NEWS.
