One of the important factors in the cryptocurrency market is undoubtedly the token unlock events. These events, which occur especially during bullish periods, can sometimes fail to deliver the desired results. However, these events are of great interest to both long-term investors and daily traders. In this article, we will examine the token unlock event of Yield Guild Games, a Web3 gaming project, which is the local token of YGG token.
Final Hours for YGG Token Unlock
According to the data shared by Token Unlocks, this week there will be a total of $47.54 million worth of token unlock events in the cryptocurrency market. Yield Guild Games, a Web3 gaming project, will release $3.38 million worth of YGG tokens into the market with its token unlock event scheduled for tomorrow.
The amount of tokens to be unlocked in the event, which will take place tomorrow (October 27) at 17:00, corresponds to 6.8% of the total supply of YGG tokens. While investors eagerly await the event, YGG token is currently trading at $0.272. The recent rise in the YGG token continues to please investors.
YGG Token Price Analysis
YGG has been following a support trendline since June. With the recent price surges, YGG found support at the EMA 200 level and experienced a significant increase after touching this level. However, the sell-off on October 26 may be due to both the weakness of Bitcoin and the upcoming token unlock event on October 27.
The support levels to watch for YGG are $0.2551, $0.2412, and $0.2327, respectively. A break below these levels will not cause a significant loss for the token in the short term. However, a daily close below the EMA 200 level of $0.2106 will strengthen the possibility of a further decline for YGG.
The resistance levels to watch for YGG are $0.2853, $0.3179, and $0.3443, respectively. The fact that the $0.2853 level has been tested three times recently demonstrates the strength of this resistance. A daily close above the resistance level will help YGG token gain momentum.
