Cryptocurrency market participants keenly follow token unlock events. According to the Token Unlocks platform, which closely monitors these events, tokens worth $212.47 million will be unlocked in the next seven days. Tomorrow, the token unlock for Immutable X’s native token IMX, a Layer-2 network on Ethereum, is an event that requires close attention.
IMX Token Unlock Event
According to data shared by Token Unlocks, the upcoming week will witness the unlocking of tokens valued at $212.47 million, marking one of the largest token unlock events of the recent period. Among these unlocks is the IMX token unlock for the Ethereum Layer-2 network Immutable X.
The event, taking place tomorrow (March 22) at 03:00, will release an amount of IMX tokens that represents 2.45% of the total supply, with a market value of $98.81 million. As the event draws near, investors are eagerly monitoring the process, and at the time of writing, the IMX token was trading at $2.87.
IMX Chart Analysis
The two-hour IMX chart shows a descending channel formation, but a recent price surge has led to a breakout of resistance and significant momentum. IMX is trading below the EMA 9 (blue line) and testing the EMA 21 (green line) as support in the latest bar formations.
The most important support levels to watch on the two-hour chart for IMX are $2.79, $2.72, and $2.64, respectively. A close below the $2.72 level, which intersects with the kijunsen (purple line), could lead to a loss of momentum for the IMX price.
The most important resistance levels to watch on the two-hour chart for IMX are $2.89, $2.98, and $3.10, respectively. A close above the $2.98 level, which has been a significant barrier in recent bar formations, could lead to a gain in momentum for the IMX price.
