Token unlocking events, which are closely followed by investors in the cryptocurrency market, will witness a significant movement next week as tokens worth $545.63 million will be unlocked. One of these tokens is owned by 1INCH, an important decentralized exchange operating within the Ethereum ecosystem.
In the event taking place tomorrow (December 1st), a portion of 1INCH tokens equivalent to 9.48% of the total supply, with a market value of $33.89 million, will be released. As the event approaches its final hours, investors are closely monitoring the process, and at the time of writing, the 1INCH token was trading at $0.343.
In the daily chart analysis of 1INCH, the first notable formation is a descending channel pattern. 1INCH touched the support line in the second week of September and gained upward momentum, but it has been rejected multiple times from the resistance line. Particularly, a breakout or breakdown within the narrow range after the breach of the EMA 200 (red line) will determine the direction of 1INCH.
The most important support levels to be followed in the daily chart for 1INCH are $0.3234, $0.2918, and $0.2725. Especially, if the daily candle closes below the $0.2918 level, it will lead to both a short-term loss of momentum and the price being below the EMA 200 level.
The most important resistance levels to be followed in the daily chart for 1INCH are $0.3756, $0.4229, and $0.4791. Especially, if the daily candle closes above the $0.3756 level, it will facilitate an upward breakout in the formation and support the momentum of 1INCH.