One of the data points that crypto market investors pay close attention to is token unlock events. According to the Token Unlocks platform, which closely monitors token unlocks, tokens worth $202.07 million will be unlocked in the next seven days. Tomorrow’s token unlock event for the native token of the Flow blockchain ecosystem, FLOW, is an event that should be closely watched.
Final Hours for Flow
According to data provided by Token Unlocks, which shares token unlock events with its users, token unlocks worth $202.07 million will occur next week, marking some of the largest token unlock events in recent times. Among these unlocks is Flow, the native token of the Flow ecosystem.
On January 16 at 03:00, the event will unlock an amount of FLOW tokens that corresponds to 0.18% of the total supply, with a market value of $2.18 million. With just hours left for the event, investors are eagerly following the process, while at the time of writing, the FLOW token was trading at $0.838.
Flow Chart Analysis
The first notable formation in the four-hour FLOW chart is the ascending channel formation. With the decline in the first week of 2024, there was a break in the support line of this formation, causing the FLOW price to fall below the EMA 200 (red line) level. The possibility of the formation’s support line acting as resistance after the break is keeping a negative scenario for FLOW on the table.
The most important support levels to watch on the four-hour chart for FLOW are, in order; $0.808, $0.768, and $0.727. Particularly, a close below the $0.808 level on the four-hour bar could lead to short-term selling pressure for FLOW.
The most important resistance levels to watch on the four-hour chart for FLOW are, in order; $0.859, $0.898, and $0.937. Especially, a close above the $0.859 level, which intersects with the EMA 200, would help FLOW’s price gain momentum.
