Investors closely follow token unlock events in the cryptocurrency market. According to Token Unlocks platform, a total of $545.63 million worth of tokens will be unlocked in the next seven days. The token unlock event for 1INCH, a decentralized exchange platform in the Ethereum ecosystem, which will take place tomorrow, is a development that needs to be carefully monitored.
According to data provided by Token Unlocks, a total of $545.63 million worth of token unlocks will take place next week, including the token of 1INCH, an important decentralized exchange in the Ethereum ecosystem. In the event that will take place tomorrow (December 1st) at 3:00 PM, tokens worth $33.89 million, equivalent to 9.48% of 1INCH’s total token supply, will be released.
While investors eagerly follow the process, at the time of writing this article, the 1INCH token is trading at $0.343. The unlocking of the 1INCH token stands out as one of the most notable events to occur in the coming days.
The first notable feature in the daily chart analysis of 1INCH is the formation of a descending channel. After touching the support line in the second week of September, 1INCH gained momentum but continues to be rejected from the resistance line despite several attempts. Especially after breaking the EMA 200 (red line) level, the direction of 1INCH will be determined based on whether support or resistance is broken in a narrow range.
The most important support levels to be followed in the daily chart for 1INCH are respectively $0.3234, $0.2918, and $0.2725. Especially, a daily candle closing below $0.2918 will cause 1INCH price to lose its short-term momentum and be priced below the EMA 200 level.
The most important resistance levels to be followed in the daily chart for 1INCH are respectively $0.3756, $0.4229, and $0.4791. Especially, a daily candle closing above $0.3756 will provide a breakout in the formation structure and assist in the acceleration of 1INCH’s momentum.