ApeCoin worth $52.7 million and $13.6 million in ImmutableX will soon be unlocked
- ApeCoin amounting to 1.6% of total supply, 0.001% of 1INCH supply and $13.6 million in ImmutableX will be unlocked soon.
- Token unlocks are typically key events hitting asset prices when more than 1% of the asset’s supply is unlocked.
- APE and 1INCH prices are climbing higher ahead of the token unlock event.
ApeCoin (APE), 1inch Network (1INCH) and Immutable X (IMX) communities are gearing up for a token unlock event between May 17 and May 20..For APE and IMX, the upcoming unlock events will release more than 1% of the assets’ supply, and this could have a negative effect on prices.
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What to expect as APE, 1INCH, IMX tokens unlock
ApeCoin, one of the largest NFT tokens, has a scheduled token unlock on May 17. 15.6 million APE tokens, or 1.6% of the asset’s supply and worth $52.7 million, will be unlocked. APE is trading at $3.39 at the time of writing, after yielding 2.5% gains overnight, as holders gear up for the token unlock.
If APE price continues to climb higher, the token unlock event could turn out to be sell-the-news for ApeCoin holders.
APE token statistics
1INCH tokens worth $8,944 (21,429) are scheduled for unlock on Thursday, May 18. However, in this case less than 1% of the 1INCH token supply (0.001%) will be unlocked.
1INCH token statistics
The token unlock event is less likely to influence 1INCH price since the unlock accounts for less than 1% of the total supply of the token.
ImmutableX worth $13.6 million will be unlocked this week
Finally, 18 million ImmutableX tokens, worth $13.6 million, will be unlocked on May 20. In this case, nearly 1% of the supply, or 0.904% of IMX, is gearing up for unlocking. The Web3 games token is exchanging hands at $0.7521 at press time, after yielding 4.2% losses over the past week.
IMX token statistics
IMX price may remain unaffected by the token unlock, since the percentage of supply being unlocked is less than 1%. Still, the amount of tokens unlocked is close to this key threshold that typically hits prices.
What to expect from ApeCoin
ApeCoin price is in a downward trend that started in August 2022. The NFT token is currently trading below two long-term Exponential Moving Averages (EMAs), the 50-day and the 200-day at $3.896 and $4.679.
APE is tackling resistance at the 10-day EMA at $3.402. As APE price climbs closer to the token unlock, the asset eyes the 23.6% Fibonacci level at $3.833.
APE/USD one-day price chart
In the event of a decline after the token unlock, APE price could nosedive to $2.874, a key support level since August 2022. The target on the downside is the November 2022 lows of $2.628.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
