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$ENA the potential impact of the token unlock event scheduled for December 4, 2024.
1. Token Unlock Dashboard:
Total unlock progress: Only 13% of tokens have been unlocked, while 56.46% remain locked.
Next unlock event:
Date: 12/04/24, 07:00 UTC.
Quantity: 12.86 million tokens (~0.45% of circulating supply), with an estimated value of $10.62 million.
Purpose: "Ecosystem Development", indicating that these tokens can be used for expansions or initiatives within the ecosystem.
The event could significantly increase supply in the market.
2. Current price: $0.8154, with a daily increase of +3.45%.
Short-term trend: The 4-hour chart shows slight selling pressure, with red candles forming after a bullish sequence.
Support and resistance:
Major support: $0.7228.
Major resistance: $0.8888.
Historical performance: The asset has appreciated by +265.70% over the past 90 days, which may attract attention but also increases the likelihood of profit-taking in the event of high supply events such as the unlock.
Potential risks:
1. Increased supply in the market:
The unlock of 12.86 million tokens may exert selling pressure, especially if holders choose to liquidate their positions. This could cause a significant drop in the price of $ENA
2. Market psychology:
Investors may anticipate the event and start selling ahead of the date (a "sell the news" movement), which may already be reflected in the selling pressure visible on the chart.
3. Volatility:
Unlocks generally increase volatility, creating risks for both short-term investors and long-term holders.
Conclusion:
#ENA faces a high risk of a price drop due to the upcoming token unlock event on December 4, 2024.
Caution is advised, especially for short-term investors.
1. Token Unlock Dashboard:
Total unlock progress: Only 13% of tokens have been unlocked, while 56.46% remain locked.
Next unlock event:
Date: 12/04/24, 07:00 UTC.
Quantity: 12.86 million tokens (~0.45% of circulating supply), with an estimated value of $10.62 million.
Purpose: "Ecosystem Development", indicating that these tokens can be used for expansions or initiatives within the ecosystem.
The event could significantly increase supply in the market.
2. Current price: $0.8154, with a daily increase of +3.45%.
Short-term trend: The 4-hour chart shows slight selling pressure, with red candles forming after a bullish sequence.
Support and resistance:
Major support: $0.7228.
Major resistance: $0.8888.
Historical performance: The asset has appreciated by +265.70% over the past 90 days, which may attract attention but also increases the likelihood of profit-taking in the event of high supply events such as the unlock.
Potential risks:
1. Increased supply in the market:
The unlock of 12.86 million tokens may exert selling pressure, especially if holders choose to liquidate their positions. This could cause a significant drop in the price of $ENA
2. Market psychology:
Investors may anticipate the event and start selling ahead of the date (a "sell the news" movement), which may already be reflected in the selling pressure visible on the chart.
3. Volatility:
Unlocks generally increase volatility, creating risks for both short-term investors and long-term holders.
Conclusion:
#ENA faces a high risk of a price drop due to the upcoming token unlock event on December 4, 2024.
Caution is advised, especially for short-term investors.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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