Investors tracking the cryptocurrency space are on alert for significant events known as ‘token unlocks,’ which can release a substantial number of tokens into the market. Notably, next week is set to experience an influx of $2.70 billion in token unlocks, with a particular focus on the Aptos (APT) token, which is anticipating an unlock of $330.4 million worth.
Anticipation Builds for Imminent APT Release
The upcoming unlock, scheduled for early morning on March 13, will make available 6.73% of APT’s total token supply, a momentous occasion for traders and investors alike. As the event nears, the APT token’s value hovers at $13.09, and investor interest spikes, marking it as the week’s standout unlock.
Price Movement and Technical Outlook
Technical analysis of the APT four-hour chart reveals a rising channel pattern, with recent resistance breaks proving to be false signals that resulted in investor losses. The price is currently compressing within a tight range, trading under the EMA 9 level, indicating a potential weakening in near-term momentum.
For those monitoring APT’s technical position, key support levels at $12.95, $12.41, and $12.01 are critical, especially when considering the four-hour bar’s closing position in relation to the Ichimoku cloud. On the flip side, resistance levels at $13.31, $13.75, and $14.35 hold importance, with a close above $13.75 potentially signaling a bullish momentum for APT’s price.
As the market braces for the APT unlock, these technical indicators and support-resistance levels will be instrumental in guiding investor decisions, with the impending token release having the power to significantly sway valuation and market sentiment for Aptos’s native cryptocurrency.