Token Unlocks of This Week: ENA, ROSE, AVAX, PENDLE, 1INCH

In the ever-changing world of cryptocurrency, the latest market movements offer a glimpse into the balance between bullish optimism and bearish caution. With token unlocks on the horizon and key indicators like RSI and MACD sending mixed signals, coins like Ethena, ROSE, Avalanche, Pendle, and 1inch are at a crossroads. In this article, we delve into the technical indicators to see where the digital assets are heading and what investors should be aware of. 

Token Unlocks of This Week

ENA

Based on the data from CoinMarketCap, the price of Ethena is $0.2988 and has a market cap of $540,224,215 at press time. Its 24-hour volume declined by 18.38% to $43,079,427 and has a circulation supply of 1,806,250,000 ENA. About 9.05% of the token supply has been unlocked and another 0.82% is expected to be unlocked on August 18, 2024. The Relative Strength Index of the coin has bounced back from oversold territory and is currently at 38.96, with a possibility of going to neither overbought nor oversold momentum. Additionally, the Moving Average Convergence Divergence line is trading above the signal line, indicating a bullish trend. 

ROSE

At the time of writing, ROSE is trading at a price of $0.05718, with a 7-day decline of 9.04%. The coin has a market capitalization of $383,879,338 and the volume declined 18.61% reaching $8,838,336. Oasis has a circulation of 6,713,599,876 ROSE and has 5,979,000,000.00 ROSE which makes up for 59.79% of the supply. On August 18 2024, the coin will unlock an additional 2.24% worth $8.60 million. The coin’s RSI has just bounced back from the oversold territory and is trading near it at 32.35. The MACD line is consolidating right now and there is a possibility for a short-term bullish trend.  

AVAX

At the time of publication, Avalanche is trading at $20.57 with a 1-day volume of $170,216,400 which has declined by 27.88%. AVAX has a market cap of $8,138,869,764 and has unlocked 63.08% of the tokens which is about 454,182,512.09 AVAX. The coin will unlock an additional 2.41% of tokens worth $195.42M on August 20, 2024. The RSI of the coin is at 39.07, which has bounced back from oversold momentum and is expected to continue with the rising momentum. The MACD hints at bullish momentum with the MACD line above the signal line. 

PENDLE

Pendle is trading at $2.61, a 24-hour decline of 2.95% at press time. The coin has a volume of $36,162,833 and a market cap of $411,589,551. It has no max supply and on August 21, 2024, the coin will unlock an additional 0.02% of tokens worth $87.05k. PENDLE has an RSI of 39.10, suggesting the coin is neither overbought nor oversold. The MACD line is above the signal line, suggesting a bullish trend.   

1INCH

At press time, 1inch Network is priced at $0.2437, with a decline of 10.68% in the last 7 days. 1INCH has a market cap of $306,286,412 and a volume (24h) of $19,739,816. It has a circulation supply of 1,256,215,305 1INCH and has unlocked 1,285,782,386.97 1INCH (85.7%) of the total supply. On 23,2024, the coin will unlock 0.02% of the supply worth $66.75k. The Relative Strength Index is at 29.40, which means it is in oversold momentum and the MACD is below the signal line, hinting at a short-term bearish momentum. 

Conclusion

In summary, the recent trends across various cryptocurrencies like Ethena, Oasis, Avalanche, Pendle, and 1inch Network show a mixed bag of signals. While some coins, like Ethena and Avalanche, are exhibiting bullish momentum with their MACD lines trading above signal lines and RSI bouncing back from oversold territory, others like 1inch are facing short-term bearish pressure. The upcoming token unlocks, especially for coins like ROSE, will be critical in shaping their immediate future, possibly leading to increased volatility. Investors should keep a close eye on these technical indicators and the impacts of token unlocks to navigate the market effectively.