- Token Unlocks announced 20 million Aptos tokens to be unlocked in 2023.
- The unlocking event is estimated to be worth approximately $129 million.
- APT’s value may drop post-event due to dilution of supply.
The cryptocurrency analytics platform Token Unlocks announced via a tweet today that a significant quantity of Aptos
Token Unlocks has also revealed that the estimated value of the unlocking event is approximately $129 million, based on the current price of the altcoin. Additionally, the tokens are owned by the project’s team and initial investors.
APT’s value could drop in the 24-48 hours post-event due to the dilution of the cryptocurrency’s supply. By observing the price fluctuations of APT before the unlocking event, investors and traders can predict if the altcoin’s price will suffer a negative impact.
In response to the possible pressure from a prospective token selloff, the project’s team could increase the price of APT before the unlock and enhance liquidity in the exchange order books that feature the cryptocurrency. These actions could act as preliminary signals of the anticipated decline in APT’s price.
Over the last 72 hours, a significant bearish technical flag has been activated on APT’s daily chart from a short-term viewpoint. This period saw the daily MACD line fall below the daily MACD Signal line, indicating a momentum shift towards the sellers.
Should the technical indicator be confirmed, APT’s value may fall beneath the $4.9360 support level in the upcoming days. Subsequently, if a daily candle closes above this important price level, it could expose the altcoin’s value to the possibility of re-examining the critical support level at $4.
The downward pressure on APT’s daily chart was evident during reporting. However, a broader view of the chart showed a descending wedge pattern formation. This is a positive chart pattern that, if confirmed, could push APT’s price up to $11.8325 by November 2023.
The validation of the medium-term chart pattern may require a few weeks. Consequently, APT’s price might drop below the $4.9360 support level before it commences the anticipated upward trend. After a possible breach of this support level, it would be advisable for investors and traders to wait until APT’s price successfully closes 2 successive daily candles above the resistance level of $6.1895.
This indicates a prolonged entry point for APT and positions the altcoin’s price beyond the multi-week chart pattern. Following this, APT’s price could increase steadily, surpassing the next significant resistance level at $8.8897. After overcoming this barrier, it could convert this level into a support point and continue its upward trajectory towards $11.8325 in the subsequent weeks.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
