Cryptocurrency investors are closely monitoring token unlock events, with $452.75 million worth of tokens set to unlock next week, according to Token Unlocks platform. Of particular interest is the upcoming unlock of Optimism’s native token OP, which is scheduled for tomorrow.
Data from the Token Unlocks platform reveals that next week’s token unlocks in the cryptocurrency market will amount to $243.36 million, with the largest event involving $64.51 million worth of tokens from the Ethereum Layer-2 project, Optimism. The unlock event is set to take place tomorrow morning at 06:00, releasing OP tokens equivalent to 2.31% of its total supply. As the countdown begins, investors are eagerly awaiting the event, with the OP token currently trading at $2.67. This unlock event holds significant importance for the week.
The daily chart of OP has been a valuable source of information for investors since October. The recent selling pressure has caused a break in the rising trend line, resulting in a loss of momentum for OP. The EMA 200 (red line) has played a resistance role in recent bar formations, potentially making the process more challenging for OP.
On the daily chart, key support levels to watch for OP are $2.55, $2.31, and $2.05. A daily bar closing below the $2.55 level, which intersects with the EMA 21 (green line), could expose OP to selling pressure.
Important resistance levels to monitor on the daily chart for OP are $2.85, $3.24, and $3.82. Daily bar closings above the $2.85 level, which is above the EMA 200, would help OP gain momentum. For a positive trend to begin for OP in the long term, its price needs to consistently close above $4 on a daily basis.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.