Token unlocks are crucial events in the cryptocurrency market that concern both long-term and short-term investors. These events hold great importance for project teams as they aim to maintain the supply-demand balance of the asset they release to the market. In this article, we will examine the unlock event of AXS token, the local token of Axie Infinity, an NFT-based online video game.
Final Hours for AXS Unlock Event
According to the data from the token unlock platform Token Unlocks, there will be $68.66 million worth of token unlock events in the cryptocurrency market in the next seven days. The unlock event for AXS, the Ethereum-based token of Axie Infinity, an NFT-based online game developed by the renowned game studio Sky Mavis, will take place tomorrow.
The event, which will take place at 16:10 tomorrow (October 20), will unlock 15.13 million AXS tokens, which account for 11.5% of the total supply. $62.62 million worth of locked tokens will be released to the market during this event. At the time of writing, AXS was trading at $4.16, with only a few hours left for the event.
AXS Chart Analysis
AXS has experienced a nearly 97% drop from its all-time high of $160. The main reasons for this decline are the waning interest in metaverse projects and the liquidity issue in the market. The descending channel formation on the daily chart is noteworthy, with only one occurrence of a bear trap.
The support levels to watch for AXS on the daily chart are $4.06, $3.83, and $3.62, respectively. Breaking the $3.62 level, especially with the token unlock event, could accelerate the price decline of AXS. The resistance levels to watch for AXS are $4.68, $5.04, and $5.67.
For AXS/ETH pair, which is an Ethereum-based token, a different structure exists compared to the AXS/USD pair. There is no specific formation on the daily chart, and the support levels to watch are $0.002627, $0.002588, and $0.002539. The resistance levels are $0.002738, $0.002830, and $0.002997.
