According to Token Unlocking data, approximately three major crypto projects have been identified for token unlocking this week. Unlock and price data for CYBER coin and two other altcoins attracted attention. Here are the details…
Locks are being opened for CYBER coin and these 4
The biggest unlocker of the five is Aptos (APT), which is scheduled to launch its token worth $228.05 million on January 12. This value represents 8.05% of the total supply. Others participating in major unlocks include CyberConnect (CYBER) and Moonbeam (GLMR). Token Unlock details showed that unlocking GMLR will be worth $1.24 million. CYBER plans to provide 8.51% of its supply worth $9.38 million.
Unlocking coins means releasing a certain amount of coins that were previously blocked from circulation. The mechanism aims to prevent team members or early investors from selling large amounts. Additionally, unlocking tokens causes volatility in the market and also has an impact on trading volume and prices. In most cases, prices of cryptocurrencies drop for a while after the token unlock event.
Aptos: What’s next?
Aptos was last unlocked in November 2023. At the time, its price was $8.32. However, the impact on unlocking was minimal and prices were trading sideways only. Over the last 24 hours, APT changed hands at $9.11, tracking the broader market recovery. In the short term, it may be difficult for APT to regain $10. This inference was due to resistance at $9.69. Indicators from the RSI showed that buying momentum was slowing down. If the momentum does not turn bullish, the bulls may not be able to break the resistance. If the bulls try this and are rejected, the cryptocurrency will risk losing its dominance in the $9 region.
CYBER Coin: Will it continue to gain value?
Like Aptos, CYBER’s last token was unlocked about a month ago. Interestingly, CYPBER’s price was $7.51 at the time the news was published. This value represents a 24-hour increase of 11.02%, according to CoinMarketCap data. Additionally, the bullish structure appearing on CYBER’s 4-hour chart showed that the price could rise further. Analysts looked at the Fibonacci retracement indicator and noticed that CYBER could rise as high as $8.13. The price level was at the 0.786 Fib level.
However, the $0.618 Fib level showed that CYBER could capitulate to $7.80 if demand does not pick up. In such a case, the next entry level could be around $7.50, where the $0.382 level is located. Meanwhile, the Accumulation/Distribution (A/D) indicator has been increasing since January 6. This move supports the initial bullish thesis and possible rise above $8. However, it is worth noting that the price may reverse if participants start making profits.
Moonbeam (GLMR) is on the rise
As of this writing, GLMR changed hands at $0.40. This price indicated a slight increase in the last 24 hours. However, GLMR’s price action on the 4-hour time frame showed that it may be on the verge of a breakout. This was due to the asymmetric triangle formation. Although the model showed only minimal signs of the potential trend. For the breakout to be confirmed, the MACD must break out of the downtrend substantially. In such a case, GLMR could turn the $0.45 resistance as long as the $0.38 support remains. However, failure to surpass $0.45 poses a risk for the cryptocurrency as the price could fall below $0.40.
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