- Token Unlocks indicate that RBN, MASK, FLOW, GT, and C98 all have unlocking events taking place this week.
- The price of C98 and GT may surge in the coming few days as symmetrical triangles form on their daily charts.
- FLOW may have set its all-time low over the past week, and may begin to ascend as a result.
The tokenomics tracking platform Token Unlocks indicated at press time that several altcoins were on the verge of having tokens introduced to their supply. According to the platform, notable cryptocurrencies with upcoming unlocking events include Coin98 (C98), Ribbon Finance (RBN), Mask Network (MASK), GateToken (GT), and Flow (FLOW).
C98 will see 19.45 million tokens unlocked within the next 48 hours. Token Unlocks indicated that the combined value of the new tokens will be around $2.63 million, which is estimated to be 3.51% of Coin98’s current market capitalization.
At press time, the Coin98 price was changing hands at $0.1359 according to CoinMarketCap. This was after C98 saw its price drop 1% throughout the past 24 hours. Subsequently, the cryptocurrency was trading slightly closer to its 24-hour low of $0.1336 than its daily high of $0.1389.
From a technical perspective, a breakout may be in the cards for C98 as a symmetrical triangle chart pattern formed on the altcoin’s daily chart. In the event that this breakout is towards the upside, C98’s price may look to challenge the $0.1420 resistance level. A break above this threshold will then open up the possibility for C98 to climb to $0.1540 in the following week.
On the other hand, a bearish breakout may lead to the altcoin retesting the key support level at $0.1305. Continued sell pressure may then also push C98’s price down to as low as $0.1240.
Traders and investors will want to take note of the fact that short-term momentum was in favor of sellers at press time. This was evident by the orientation of the 9-day EMA and 20-day EMA lines, as the shorter technical indicator was positioned below the 20-day EMA line.
Ribbon Finance (RBN)
Similar to C98, RBN’s next unlock event will also take place within the next 48 hours. Token Unlocks indicated that 21.45 million RBN will be introduced into the project’s supply, which is estimated to be worth around $4.78 million. This is approximately 3.97% of RBN’s current market cap.
RBN also suffered a loss over the past 24 hours, and had dropped 2.46% during this period. As a result, the altcoin’s price stood at $0.2215 at press time. Along with the decrease in price, RBN also recorded a 23.49% decline in its total daily trading volume – bringing its collective volume down to $403,489.
A positive price channel had formed on RBN’s daily chart after the altcoin printed higher lows and higher highs over the past couple of weeks. Should this positive momentum continue, then RBN’s price could attempt to challenge the next significant resistance level at $0.2595 within the coming 2 weeks.
On the other hand, if RBN’s price closes today’s daily candle below the 20-day EMA line at around $0.2228, then it could be at risk of testing the next major support level at $0.2090. A break below this level will also result in RBN’s price breaking below the positive price channel, which will open up the possibility of the cryptocurrency’s price falling to $0.1715.
Short-term momentum was still in favor of bulls at press time, as the 9-day EMA line was positioned above the 20-day EMA line. However, the gap between the two technical indicators was narrowing. Should they cross, it will signal a bearish change in momentum which could lead to RBN’s price declining in the coming week.
Mask Network (MASK)
MASK’s unlock event is notably smaller than those of C98 and RBN. According to Token Unlocks, only 638,939.99 MASK will be introduced into the supply within the next 72 hours. This is estimated to be around 0.78% of MASK’s current market cap, with the collective value of the tokens standing at approximately $1.72 million.
MASK was unable to break free from the overall trend in the cryptocurrency market during the past 24 hours, and saw its price drop 1.94% in the past day of trading. Consequently, the cryptocurrency was trading at $2.70. This latest decrease in the altcoin’s price also impacted its market cap. This meant that the collective market cap for MASK stood at $22,691,210.
A descending price channel was present on the daily chart for MASK/USDT. This channel had formed after the cryptocurrency’s price recorded lower highs and lower lows throughout the past few weeks. Most notably, a long-term bearish technical flag was triggered on MASK’s daily chart over the past 3 weeks as well.
On 6 August 2023, the 100-day EMA line crossed below the 200-day EMA line. This cross of the two momentum technical indicators occurred shortly after MASK’s price was rejected by the upper level of the negative price channel – resulting in the cryptocurrency’s price plummeting below the $3.105 support and also retesting the $2.575 support level.
If MASK’s price closes a daily candle below $2.575, it will be at risk of falling to $1.945 in the following couple of weeks. On the other hand, if bulls step in within the next 2 days to resurrect MASK’s price, then it may look to reclaim the $3.105 support in the coming week. A break above this level will then clear a path for MASK to rise to $3.875.
GT will experience the largest unlock event from a market cap percentage perspective. At press time, Token Unlocks showed that 6.67 million GT will be unlocked within the next 4 days. Notably, the amount of GT tokens that will be unlocked in this event are valued at $25.90 million, which is approximately 6.94% of GT’s current market cap.
Meanwhile, GT was able to fend off the overwhelming sell volume the best, as its price was only down 0.74%. Nevertheless, the 24-hour loss had brought the altcoin’s price down to $3.88 at press time. GT did, however, experience an impressive 53.29% uptick in its daily trading volume. As a result, its total trading volume for the latest 24-hour cycle stood at $734,668.
A symmetrical triangle had formed on GT’s daily chart, which suggested that a strong price movement may ensue in the coming couple of weeks. Over the past few months, GT’s price had dropped substantially to trade at its current level. Furthermore, sellers had attempted to drag the altcoin’s price to below the $3.7790 support, but were unable to do so.
This rebound in price resulted in a higher low being recorded, thus leading to the formation of the symmetrical triangle chart pattern. If this pattern is validated and leads to a bearish breakout, then GT’s price could break below $3.7790. This will then put the altcoin at risk of dropping to the next key support level at $3.3030.
On the other hand, a bullish breakout will result in GT’s price challenging the $4.5150 threshold in the following 2 weeks. A daily close above this level will then open up the possibility of GT’s price rising to $5.4740 in the next month.
Investors and traders will just want to note that the 100-day EMA line was positioned below the 200-day EMA line on GT’s chart. This indicated that long-term momentum was in favor of sellers, and GT’s price will have a lot of work to do to overcome the $4.5150 resistance.
Last but not least, Token Unlocks indicated that 13.20 million FLOW will be introduced into the project’s circulating supply after the next 4 days. According to the tokenomics tracking platform, the unlocked tokens have a collective valuation of $6.02 million, which is around 1.27% of FLOW’s current market cap.
CoinMarketCap indicated that FLOW’s price had slipped just over 1% during the past 24 hours. Subsequently, the cryptocurrency was trading hands at $0.4559. Furthermore, the altcoin’s price stood slightly closer to its daily high of $0.4607 than its 24-hour low, which sat at $0.4493.
FLOW’s price had been in a negative trend ever since the token was listed on Binance. However, over the past week, the altcoin seems to have established its all-time low (ATH) at just above $0.390. Since testing this level on 17 August 2023, the price has been in a consolidation phase.
If buyers step in and identify the cryptocurrency’s current price as a buy opportunity, then it may begin a climb to overcome $0.570 within the next 2 weeks. Thereafter, FLOW will have a clear path to the next major threshold at $0.801.
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