Closely followed by cryptocurrency investors, token unlocks are important data. According to Token Unlocks platform, a total of $674.92 million worth of token unlocks will take place in the next seven days. LooksRare, a local NFT marketplace operating in the Ethereum ecosystem, will witness an important token unlock event tomorrow, which should be closely monitored.
According to the data provided by Token Unlocks, the $674.92 million worth of token unlocks scheduled for next week is among the biggest unlock events in recent times. One of these unlocks is related to LOOKS, the native token of LooksRare, an important NFT marketplace in the Ethereum ecosystem.
The event, scheduled to take place at 02:00 tomorrow (November 27th), corresponds to 6.88% of the total supply of LOOKS tokens and has a market value of $4.59 million. Investors are eagerly following the process leading up to the event, and at the time of writing, the price of the LOOKS token was trading at $0.1140.
The formation of a narrowing channel is notable in the four-hour chart of LOOKS. Although the price closed below the support trend after the drop on November 22nd, it gained momentum by crossing above the EMA 200 (red line). However, this movement turned out to be a month-long consolidation.
The most important support levels to be followed in the four-hour chart for LOOKS are 0.1092, 0.0996, and 0.0914 dollars, respectively. Especially, if a close below the 0.1092 dollar level occurs, LOOKS will lose momentum. As for resistance levels, 0.1223, 0.1284, and 0.1341 dollars are important, and a close above the 0.1341 dollar level would signify a significant momentum gain for LOOKS.