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The tokenomics tracking dashboard, Token Unlocks, shared on Twitter earlier today that a huge unlocking event is on the horizon for Axie Infinity (AXS). According to the post, AXS is set to unlock 2.96% of its supply in just two days, which will likely be worth more than $21.8 million.
. $AXS is set to unlock 2.96% in just 2 days, which amounts to a staggering $21.82 million. @AxieInfinity
— Token Unlocks (@Token_Unlocks) July 20, 2023
Looking back at the price impact of the last 5 unlocks from 12 months ago, we observed that the $AXS price rose during the unlock period, but then remained in a downtrend… pic.twitter.com/GtUZzkDHRS
The magnitude of the unlocking event is impressive on its own, but it is also worth noting that over the past 5 token unlocks, AXS’s price rose during each unlocking period, according to Token Unlocks. There was, however, a downtrend shortly after the unlocking event took place.
From a technical perspective, indicators suggested that AXS may enter into a medium-term bullish cycle as the 20-day EMA line was looking to break above the 50-day EMA line. Should these two technical indicators cross, it may result in the cryptocurrency’s price flipping the next major resistance level at $6.74 into support.
On the other hand, if AXS closes today’s daily candle below the 9-day EMA line at $6.30, then it may be at risk of falling to the crucial support at $6.18 in the coming 48 hours. This price correction may be temporary, however, as the 9-day EMA line was positioned above both the 20-day and 50-day EMA lines — this suggests the presence of bullish momentum.
With regards to what the altcoin has been doing in the short-term, CoinMarketCap indicated that its price was able to climb by 0.13% over the past 24 hours of trading. This left the cryptocurrency trading hands at $6.42 at press time. This slight ascent in the altcoin’s price also managed to push its weekly performance even further into the green to +7.19%.
Furthermore, the 24-hour trading volume for AXS climbed by more than 23% throughout the past day. As a result, the altcoin’s volume stood at $48,743,031. Its market cap of $768,087,678 meant that it was ranked as the 55th largest crypto in terms of market capitalization.
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