One of the data closely followed by cryptocurrency investors is token lockup events. According to Token Unlocks platform, a total value of $674.92 million worth of tokens will be unlocked in the next seven days. Yield Guild Games, an important gaming project in the Ethereum ecosystem, will host a token lockup event tomorrow for its native token YGG, which should be closely monitored.
According to the data provided by Token Unlocks, the upcoming token lockup events worth $674.92 million next week are among the biggest token lockup events lately. Yield Guild Games’ native token YGG is also part of these events in the Ethereum ecosystem.
The event taking place tomorrow (November 27) covers 5.84% of the total supply of YGG tokens and has a market value of $6.68 million. As the event approaches, investors are eagerly following the process. At the time of writing, the YGG token was trading at $0.40 and is considered one of the most important token lockup events in the coming days.
The first significant formation observed in the 4-hour chart for YGG is the support line intersecting with EMA 200 (red line). The fact that this trend line has not fallen below the support level since September 19 has been an important source of gain for investors trading in the futures market. The correction movement in the last candle formation, causing the price to fall below EMA 7 (blue line), indicates a bearish scenario for YGG in the short term.
The most important support levels to be followed in the 4-hour chart for YGG are $0.3779, $0.3617, and $0.3441, respectively. Especially due to the narrow range in the last candle formations, if the price falls below $0.3779, it will cause a loss of momentum for YGG.