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One of the data that investors closely monitor in the cryptocurrency market is token unlock events. According to Token Unlocks platform, next week, token unlock events worth $42.59 million will take place. Tomorrow, the token unlock event of ApeCoin, the native token of the APE ecosystem, will be an event that needs to be closely followed.
Final Hours for OP Token Unlock
According to the data on the Token Unlocks platform, token unlock events worth $42.59 million will take place in the cryptocurrency market next week, and the largest of these events will occur in the ApeCoin ecosystem, with a value of $22.93 million.
The event, which will take place tomorrow (November 17) at 03:00 AM, corresponds to 4.23% of the total supply of APE tokens. While investors eagerly await the event, APE token was trading at $1.47 at the time of writing. The APE token unlock event stands out as the most valuable token unlock event of the week.
ApeCoin Chart Analysis
The first notable formation in the four-hour ApeCoin chart is the ascending channel formation. According to this structure, after the support touch on November 14th, APE has gained significant upward momentum. The spikes that caused the support breakdown since November 9th appear to have remained as bear traps. The fact that APE is currently below the EMA 7 (blue line) average in the last bar movement may imply a negative scenario in the near future.
The important support levels to be considered for APE are respectively; $1,430, $1,381, and $1,329. Especially, if the four-hour bar closes below the $1,381 level, it will lead to the disruption of the ascending channel formation and a loss of momentum for APE token along with the token unlock event.
The most important resistance levels to be monitored for APE are respectively; $1,498, $1,539, and $1,580. Particularly, if the bar closes above the $1,580 level, which posed a major obstacle during the rise on November 13th, it will lead to an increase in momentum for APE.
