In the world of cryptocurrency, market sentiment can shift in the blink of an eye. As we approach September 2024, several key tokens—DYDX, SUI, AKT, ENA, and IMX—are gearing up for significant token unlocks that could impact their prices. In this article, we’ll break down the recent price movements and technical indicators for these coins to give you a clear picture of where they stand and what they might mean for investors.
Token Unlocks of This Week
DYDX
The price of DYDX is $0.9248, which has declined by 2.27% in 1 day and 23.03% in 7 days. dYdX has a market capitalization of $574,570,761 and a volume (24h) of $16,837,298. The coin has already unlocked 57.7% of the supply and will unlock another 3.67% of the supply worth $7.70m on September 1, 2024.
At press time, the Relative Strength Index is trading below the RSI-MA line and is valued at 34.57, indicating a bearish momentum. Furthermore, 20 EMA shows that the price is trading below average, and the CMF (Chaikin Money Flow) index is below the zero line, representing bearish momentum.
Bitcoin Tests Key Support Levels Amid September UncertaintySUI
At press time, Sui’s value is $0.811, and its volume is $176,304,549, rising 12.94%. Its circulation supply is 2,596,086,127 SUI, and it has unlocked 2,600,567,437.69 SUI, which corresponds to 26.01%. On September 1, 2024, the coin will unlock an extra 2.47% of the supply worth $51.60m.
SUI’s RSI is trading below the RSI-MA line and is valued at 46.81, representing bearish momentum. Following a massive death crossover, the moving average ribbon shows a bearish momentum. The anchored VWAP projects a price of 0.8579, which is above the current trading price, presenting a bearish momentum.
AKT
At the time of publication, AKT’s price is $2.59, which has declined 4.69% in one day and 6.44% in seven days. It has a market cap of $644,740,898 and a 24-hour volume of $11,312,191, declining 58.33%. Akash Network has a supply of 248,285,795 AKT and has unlocked 64.3% of the coin’s supply. The coin is expected to unlock an additional 0.03% of tokens worth $183.78k on September 1, 2024.
Akash Network’s Relative Strength Index is 45.92 below the RSI-MA line, signaling bearish pressure. Furthermore, the 1D chart shows three black crows candlestick patterns representing a bearish momentum.
ENA
ENA is trading at $0.2433 and has a market capitalization of $439,543,986 at press time. In over seven days, the coin’s price has decreased by 33.78%, and the volume has also decreased by 20.94% to $46,355,454. Ethena has already unlocked 9.25% of the tokens, corresponding to 1,386,879,515.14 ENA, and on September 1, 2024, an additional 0.82% worth $2.36M will be unlocked.
From the day of ATH, ENA has been forming lower lows, indicating a downward trend. The CMF is below the zero line, suggesting bears are in a controlled momentum. Furthermore, the MACD line is trading below the signal line, representing a bearish pressure.
IMX
At the time of writing, Immutable is trading at $1.44, having declined 1.32% over seven days. The coin’s volume (24h) has increased 23.77% to $53,834,189. IMX has a circulation supply of 1,572,824,817 IMX and has unlocked 1.58b IMX, which is about 78.64% of the token supply. On September 6, 2024, the coin will unlock an additional 2.06% of the token supply worth $47.41M.
IMX’s current resistance is at $1.5 and $2.0, derived from the Fibonacci levels of 23.6% and 38.2%. At press time, the candlestick shows a bearish pin bar pattern, indicating that the sellers are continuing the selling spree. Furthermore, the MA Ribbon shows the possibility of a downtrend with the price trading below the 100 and 200 SMA, which indicates tougher resistance.
Is Ethereum Set for a Rebound? Key Levels to WatchConclusion
The current market landscape for DYDX, SUI, AKT, ENA, and IMX highlights a bearish sentiment across these tokens. With the upcoming token unlocks for these coins, investors should remain cautious. The technical indicators ranging from RSI and CMF to candlestick patterns like three black crows and bearish pin bars all suggest ongoing downward pressure. Investors should be careful and closely monitor these assets for any potential shifts in momentum.
