In the cryptocurrency market, token unlock events are critical data points that investors keenly observe. According to Token Unlocks, a platform that monitors such events, a significant $277.43 million worth of tokens will be unlocked in the next week. Among these is the IMX token, native to the Ethereum Layer-2 network Immutable X, set for an unlock tomorrow.
What is the Immutable X Token Unlock Event?
Token Unlocks has highlighted that $277.43 million worth of tokens will be unlocked next week, making it one of the largest recent token unlock events. Within this period, the IMX token unlock is particularly notable. Scheduled for tomorrow at 03:00, this event will release tokens equivalent to 2.15% of the total IMX supply, valued at $40.59 million. As the time approaches, investors are closely monitoring the IMX token, which was trading at $1.25 at the time of writing.
How is IMX Performing on the Charts?
The daily chart for IMX reveals significant selling pressure over recent months. The token has been seeking support in various regions without providing strong signals, causing investor apprehension. However, a recently formed double bottom pattern may indicate a potential upward movement.
Immediate support levels for IMX are identified at $1.22 and $1.14. Particularly, the double bottom at $1.14 is crucial, but if the daily bar closes below this threshold, selling pressure might intensify. On the resistance side, the levels to watch are $1.31 and $1.43. A close above $1.43 could inject momentum into the IMX price.
Key Takeaways for Investors
Investors can draw several concrete inferences from the upcoming IMX token unlock:
- Significant token supply entering the market could impact IMX prices.
- Monitoring support and resistance levels can guide trading decisions.
- The potential for a double bottom formation suggests a possible price rise.
Result
As the IMX token unlock event nears, investors are advised to stay vigilant, considering the substantial value of tokens being released. Observing key chart signals and market responses will be essential for making informed investment decisions.