In the cryptocurrency market, token unlock events are closely monitored by investors for their potential impact on token prices. According to Token Unlocks, a platform that tracks these events, $202.07 million worth of tokens are scheduled to be released in the upcoming week. The Flow blockchain’s native token, FLOW, is set for a significant unlock event, which is drawing particular attention.
Token Unlocks has shared that this period will witness one of the largest token unlock events recently, with the Flow token being a notable part of this. The event is expected to unlock 0.18% of FLOW’s total supply, valued at $2.18 million, and is scheduled for January 16th at 03:00. As the event approaches, investors are keenly observing the process, with FLOW trading at $0.838 at the time of writing.
Technical analysis of the four-hour FLOW chart reveals a rising channel formation, which was breached during the first week of 2024, leading to a price drop below the EMA 200 level. This breach could potentially turn the former support line into a resistance, creating a bearish scenario for FLOW.
Key support levels to watch on the four-hour chart for FLOW are $0.808, $0.768, and $0.727. A close below the $0.808 level could trigger short-term selling pressure. Conversely, resistance levels to monitor are $0.859, $0.898, and $0.937, with a close above the $0.859 level, intersecting with the EMA 200, potentially accelerating FLOW’s momentum.
Investors and traders are advised to keep a close eye on these technical indicators and the upcoming token unlock event, as they could significantly influence FLOW’s market behavior in the short term.
