Cryptocurrency market investors are closely following token unlock events. According to the Token Unlocks platform, which keeps a close eye on token unlockings, tokens worth $223.54 million will be unlocked in the next seven days. Tomorrow, the token unlock event for DYDX, a decentralized exchange platform (DEX) within the Cosmos ecosystem, is an event that should be closely watched.
DYDX Token Unlock Event
According to data shared by Token Unlocks, the upcoming week will see one of the largest token unlock events, with $223.54 million worth of tokens being released. Among these unlocks is DYDX, a decentralized exchange that is part of the Cosmos ecosystem and represents the largest event of its kind.
The event, which will take place tomorrow (April 1) at 03:00, will unlock an amount of tokens equivalent to 11.35% of the total supply of DYDX tokens, valued at $114 million. As the event approaches, investors are eagerly watching 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 anticipated in the coming days.
DYDX Chart Analysis
The four-hour DYDX chart shows a rising trend line that has been touched multiple times, with only one bear trap observed, indicating that this trend line has provided important clues to many investors. The subsequent drop from the $4.40 level, with trading still below the EMA 200 level (red line), suggests a short-term negative phase for DYDX.
The most important support levels to watch on the DYDX chart are, in order; $3.366, $3.273, and $3.182. A four-hour bar close below the $3.273 level in particular will cause DYDX’s price to lose momentum.
The most important resistance levels to watch on the DYDX chart are, in order; $3.477, $3.568, and $3.701. Especially, a four-hour bar close above the $3.701 level will help DYDX’s price gain momentum.
