In the cryptocurrency market, token unlock events are closely monitored by investors for potential impacts on token prices. According to Token Unlocks, a platform tracking these events, $27.18 million worth of tokens are set to be unlocked in the next seven days. The unlock of Space ID’s native token, ID, is particularly noteworthy and is scheduled for tomorrow, making it an event of significant interest.
Token Unlocks has announced that this period will witness some of the largest token unlock events, including the Space ID’s ID token. The unlock will release 7.39% of the ID token’s total supply, equivalent to a market value of $9.36 million, as investors eagerly await the outcome with the token currently trading at $0.294.
Technical analysis of the ID token’s four-hour chart shows a rising channel formation, with the token’s price touching the support line after a recent decline. The price is now trading within a narrow channel, with the direction of the breakout likely to determine the future trend.
Key support levels to monitor on the four-hour chart for ID token are $0.29197, $0.28421, and $0.27510. A close below the crucial $0.29197 level could signal a loss of momentum for the token’s price.
Conversely, resistance levels to watch are $0.29995, $0.30745, and $0.31719. A four-hour bar close above the $0.31719 level, especially above the EMA 200 line, would indicate a potential gain in momentum for the ID token’s price.