ID Token Lock-Up: Important Support and Resistance Levels in the Last Hours - COINTURK NEWS
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ID Token Lock-Up: Important Support and Resistance Levels in the Last Hours

7:05 pm (74 days ago)
September 21, 2023

Token lock-ups are of great importance for both long-term investors and daily traders in the crypto market. Lock-ups can be summarized as a measure applied to ensure supply and demand balance during the release of a new crypto asset and to support the project’s long-term sustainability. In this article, we will discuss the recently talked-about ID token lock-up.

ID Token Lock-Up

The ID platform, which stands out in the market by offering different services than many domain services, continues to gain the appreciation of users. On the platform, users can mint domains and trade domains on many important blockchain networks. ID, which has its own marketplace on its website rather than a platform like Ethereum Name Service, is one step ahead of its competitors in this regard.

After the platform launch, ID conducted a significant airdrop activity for transactions carried out on the BNB network, gaining the satisfaction of many users. However, the platform, which provided a lifeline for many investors in a low-volume market, is now hardly being talked about.

The amount of tokens to be opened in the event to be held tomorrow (September 22) at 03:00 in the morning corresponds to 6.46% of the total supply of ID tokens and has a market value of 3.56 million dollars. As the event approaches, investors eagerly await, while the ID token was trading at $0.193 at the time of writing.

ID Chart Analysis

Since its launch, the ID token has experienced a significant loss in value. The biggest reason for this is undoubtedly the two different airdrop activities. In a low-volume market environment, users may be more inclined to sell tokens.

The downward trend line drawn based on resistance turning into support creates a positive process for the ID token. However, the inability to mention the EMA 200 average for the ID token released in April causes a serious lack of data.

The most important support levels to be followed for ID are 0.179 / 0.153 and 0.120 dollars, respectively. Especially, a daily closing below $0.179 level may cause the positive sentiment to dissipate. The notable resistance levels are $0.23 / $0.34 and $0.43, respectively. These levels are presented based on the average prices of ID tokens.

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