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Cryptocurrency market token unlock events provide important data that can hint at the performance of tokens. According to the Token Unlocks platform, which closely follows these events, tokens worth $205.67 million will be unlocked in the next seven days. The token unlock event for DYDX, a decentralized exchange (DEX) operating within the Cosmos ecosystem, is one event that should be closely monitored tomorrow.
Final Hours for DYDX Token Unlock
According to data provided by Token Unlocks, which shares token unlock events with its users, token unlocks worth $205.67 million will occur next week, marking some of the largest token unlock events of the recent period. Among these unlocks is DYDX, a significant decentralized exchange within the Cosmos ecosystem.
The event, taking place tomorrow (March 1) at 03:00 AM, will see the release of tokens amounting to 11.08% of the total supply of DYDX tokens, valued at $114 million. As the event approaches, investors are eagerly following the process, and at the time of writing, the DYDX token was trading at $3.42. The DYDX token unlock event is one of the most notable in the coming days.
DYDX Chart Analysis
The four-hour DYDX chart shows a rising channel formation that stands out. DYDX began to rise after the EMA 200 (red line) level acted as support before the recent upward momentum, and then faced selling pressure after hitting the formation’s resistance line. A breakout of support or resistance in this narrow range will confirm the direction of DYDX’s movement.
The most important support levels to watch on the four-hour chart for DYDX are; $3.452, $3.367, and $3.257, respectively. A four-hour bar close below the $3.452 level, which intersects with the EMA 9 (blue line), will lead to a decline in the DYDX price.
The most important resistance levels for DYDX to watch are; $3.555, $3.645, and $3.756, respectively. A four-hour bar close above the $3.645 level, which has been a significant obstacle in recent bar closes, will help DYDX gain momentum.
