APT, CYBER, GLMR Face Large Token Unlocks This Week – Will Prices Hold?

About five crypto projects are set for token unlocks this week, according to data from Token Unlocks. Among the five, the biggest unlock is that of Aptos (APT), which is scheduled to release $228.05 million worth of its token on January 12.

This value represents 8.05% of its total supply. Others involved in large unlocks include CyberConnect (CYBER) and Moonbeam (GLMR).

Details from Token Unlocks showed that GMLR’s unlock would be worth $1.24 million. CYBER, on the other hand, has plans to 8.51% of its supply, valued at $9.38 million.

Token unlocks refer to the release of a certain amount of coins previously prevented from entering into circulation. The mechanism aims to prevent team members or early investors from selling in large quantities.

Also, unlocking tokens causes market volatility and also has an impact on trading volume and prices. In most cases, prices of cryptocurrencies decline for a while after a token unlock event.

Aptos (APT)

Aptos’ last unlock was in November 2023. Around that time, the price was $8.32. However, the impact on the unlock then was minimal and prices only traded sideways.

On January 5, the APT/USD 4-hour chart mirrored how the token plunged from $10.90 to $9.10. But, in the last 24 hours, APT followed the broader market recovery while changing hands at $9.11.

In the short term, APT might find it difficult to reclaim $10. This inference was because of the resistance at $9.69. Indications from the RSI showed that buying momentum had slowed down.

If the momentum does not turn bullish, bulls might not be able to break the resistance. Should bulls attempt it and face rejection, the cryptocurrency risks losing its hold on the $9 region.

Meanwhile, indications from the Awesome Oscillator (AO) also displayed negative momentum at -0.67. However, the green bars appearing on the AO was proof that bulls were trying to flip the narrative.

APT/USD 4-Hour Chart (Source: TradingView)

If successful and the AO flips positive, then APT may reach $9.30 for start. Otherwise, the increase in circulation expected on January 12 might send the price downwards.

CyberConnect (CYBER)

Like Aptos, CYBER’s last token unlock was around a month back. Interestingly, CYPBER’s price at press time was $7.51. This value represents a 24-hour 11.02% hike, based on CoinMarketCap data.

Furthermore, CYBER’s emerging bullish structure per the 4-hour chart showed that the price might rise higher. Coin Edition looked at the Fibonacci retracement indicator and noticed that CYBER could rise as high as $8.13.

The price level was where the 0.786 Fib level sat. However, the $0.618 Fib level showed that CYBER might capitulate at $7.80 if demand fails to increase. Should this happen, the next entry level could be around $7.50 where the $0.382 level was located.

CYBER/USD 4-Hour Chart (Source: TradingView)

Meanwhile, the Accumulation/Distribution (A/D) indicator has been increasing since January 6. This movement supports the initial bullish thesis and possible rise above $8.

However, it is important to mention that the price might reverse if participants begin to take profits.

Moonbeam (GLMR)

As of this writing, GLMR changed hands at $0.40. This price denoted a mild increase in the last 24 hours.

However, the GLMR’s price action in the 4-hour timeframe showed that it could be on the verge of a breakout. This was because of the asymmetrical triangle formation. Although the pattern has only shown minimal signs of the potential trend.

For confirmation of the breakout, the MACD has to exit its largely bearish state. If this happens, then GLMR can flip the $0.45 resistance as long as the $0.38 support holds.

GLMR/USD 4-Hour Chart (Source: TradingView)

However, the inability to breach $0.45 poses a risk for the cryptocurrency as the price could drop below $0.40.