One of the biggest news topics that concerns long-term investors and daily traders is undoubtedly token unlocks. Token unlocks are a precaution used to stabilize the supply and demand balance of a created crypto asset. There will be important token unlocks next week that closely affect the cryptocurrency market, with a total value of $43.95 million. However, in this article, we will examine the token unlock of FLOW, the native token of the Flow ecosystem.
Last Hours for Flow Token Unlock
According to the token unlock data shared by Token Unlocks, there will be a token unlock worth $43.95 million in the cryptocurrency market this week. FLOW, the native token of the developer-friendly Flow ecosystem, which is based on next-generation games, applications, and entertainment sector, will release tokens worth $1.78 million with the token unlock event scheduled for tomorrow.
The amount of tokens to be unlocked in the event, which will take place tomorrow (November 16) at 03:00 in the morning, corresponds to 0.18% of the total supply of FLOW tokens. While investors eagerly await the event, FLOW token is currently trading at $0.684.
Flow Chart Analysis
The first notable formation on the four-hour chart of Flow is the ascending channel formation. Although the resistance breakout on November 12th was noteworthy, this move remained only as a bull trap. The fact that the support level worked in three tests during the price correction is an important factor for FLOW to experience a bullish momentum.
The important support levels to be noted for FLOW are respectively; $0.673, $0.659, and $0.636. Especially, a close below the $0.636 level could pull the FLOW price towards the formation support line and cause it to lose its upward momentum.
The important resistance levels to be followed for FLOW are respectively; $0.696, $0.710, and $0.729. Especially, a four-hour bar closing above the $0.729 level will contribute to the upward breakout of the ascending channel formation and help FLOW gain momentum.
