Token Unlocks of This Week: Watch ENA, 1INCH, DYDX, PENDLE, IMX And APT

Token unlocks are major events in the cryptocurrency market, significantly impacting a token’s supply and demand dynamics. These events refer to the scheduled release of locked tokens, often outlined in a project’s roadmap. As new tokens enter the market, investors and stakeholders should closely observe these events for possible market fluctuations. Getting to know the timing and scale of these token releases can provide valuable insights into potential market trends and investment opportunities. By integrating knowledge of token unlocks with technical analysis, such as MACD and RSI, traders can get a glimpse of possible market trends.

Upcoming Token Unlocks

ENA

According to CoinMarketCap data, Ethena’s price was at $0.3727 at press time, a 24-hour decline of 13.66%. The coin had a market cap of $637,292,681 and a volume (24h) of $122,635,404. Ethena had a circulating supply of 1,710,937,500 ENA and has already unlocked 8.4% of tokens, which is about 1,267,762,521.14 ENA. The coin is about to unlock an additional 0.87% of tokens worth $5.66m on 7 July 2024. 

Ethena’s RSI is 23.41, indicating oversold momentum, and the MACD line is below the signal line, representing a bearish trend. Furthermore, the coin’s price has declined by 30.78% over the last seven days.

1INCH

At the time of publication, the price of 1inch Network was $0.3403 and had a market cap of $426,521,862.It had a volume (24h) of $ 44,902,251 and a single-day decline of 3.35%. The network has unlocked over 85.69% of tokens, which is about 1,285,306,672.37 1INCH, and a circulation supply of 1,253,239,972 1INCH.On 8 July 2024, it will unlock <0.01% of tokens, which has a worth of about $10.93k. 

Its Relative Strength Index (RSI) is 33.71, which is just above oversold and into the neutral momentum. The coin’s Moving Average Convergence Divergence (MACD) line is below the signal line, signaling a bearish trend, and the coin had a seven-day decline of 15.53%.

DYDX

At the time of writing, dYdX (Native) was trading at $1.20 with a 24-hour volume of $68,471,157. DYDX had a single-day gain of 1.91% and a market capitalization of $715,185,860. The coin has already unlocked $715,185,860, which is about 56.6% of tokens, and has a circulating supply of 593,526,139 DYDX. On 9 July 2024, the coin will unlock an additional 0.86% of tokens worth $1.86m. 

DYDX has an RSI of 30.19, indicating the market has just entered neutral momentum, and the MACD is above the signal line, signaling a bullish trend. Over the last seven days, DYDX’s price has declined by 13.92%. 

PENDLE

Pendle (PENDLE) has a price of $3.57 and a 1-day decline of 11.81% at press time. The coin has a circulating supply of 156,101,027 PENDLE and a total supply of 273,752,077.88 PENDLE. PENDLE is about to unlock an additional 0.02% worth $127.60k on 10 July 2024. It has an RSI of 27.84, indicating oversold momentum and a MACD signals bearish momentum as the MACD line is below the signal line. 

The coin has a market cap of $552,620,221 and a 24-hour volume of $131,242,071. Furthermore, the coin’s price has declined 31.15% in the last seven days. 

IMX

At the time of publication, IMX had a price of $1.31 and a market cap of $1,979,905,069. Immutable also had a 1-day decline of 3.59% and a 7-day of 14.66%. It has a circulation supply of 1,507,875,589 IMX and has already unlocked 1,518,903,054.00 IMX, which is about 75.9% of its token supply. IMX will unlock an additional 2.15% of tokens worth $42.22m. 

Immutable has an RSI of 28.14, which means it is in the range of oversold momentum. Furthermore, the MACD line is below the signal line, which represents a bearish trend. 

APT

Aptos (APT) has a price of $5.60 and a single-day decline of 8.58% at the time of writing. It has a market cap of $2,538,846,749 and a volume (24h) of $245,302,756. Furthermore, the coin has a total supply of 356,195,660.06 APT and a circulating supply of 453,708,816 APT. APT’s maximum supply is infinite, and on 12 July 2024, it will unlock an additional 2.49% of tokens worth $64.58m. 

Over the past seven days, the coin had a decline of 19.97% and an RSI of 23.22, representing oversold momentum and MACD displaying a bearish trend. 

Conclusion

Integrating knowledge of token unlocks with technical analysis is crucial for traders to navigate market trends, manage risks, and make informed investment decisions. Staying informed about token unlocks and conducting thorough research on market indicators like MACD and RSI provides investors with valuable insights. By understanding these factors, investors can better predict potential price changes, manage risks, and make strategic decisions. This combined approach equips investors with the necessary tools to comprehend market trends and make informed decisions about their investments.