Hold or Sell? The APE, AXS, INJ Conundrum as Token Unlocks Approach

According to the Token Unlocks X handle, ApeCoin (APE), Axie Infinity (AXS), and Injective (INJ) have major unlocks this week. Coin Edition checked the Token Unlocks website and found that APE would unlock another 4.23% of its supply.

At press time, these tokens were worth $22.62 million. Like ApeCoin, Injective plans to unlock tokens worth $156.19 million, representing 4.33% of its supply. Lastly, AXS’ unlock was worth $27.37 million.

Most times, when projects release new tokens into circulation, the prices of the cryptocurrencies fall afterward. However, in some cases, it does not take long for the values to erase the losses. But what is the potential price prediction for APE, AXS, and INJ once these new unlocks are done?

ApeCoin (APE) Price Prediction

APE’s price as of this writing was $1.44, indicating a 7.58% increase in the last seven days. However, details from the 4-hour chart showed that the cryptocurrency has been consolidating between $1.38 and $1.51 since January 12.

Despite the tight trading movement, the Chaikin Money Flow (CMF) indicated that it could be better to hold APE irrespective of the upcoming unlock.

This was because the CMF had moved into the positive territory. At press time, the CMF was 0.09. If APE continues to converge with the CMF direction, it could break the resistance at $1.51.

Should this be the case, the APE price could target the $1.60 region. However, if buying pressure increases, it could trend higher. But to hit $1.70 could be hard because of the other resistance it could face at $1.65.

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

Likewise, the RSI supported the potential as it moved up to 53.69. Crossing the midpoint suggests that there was some sort of bullish momentum. If this continues to be the case, APE would evade a breakdown below $1.45.

Axie Infinity (AXS) Price Prediction

For AXS, the price action might not react significantly to the unlock. This was evident from the indications shown by the Exponential Moving Average (EMA).

At the time of writing, the 9 EMA (blue) was at $7.93 while the 20 EMA (yellow) was at $7.97. Since there was no golden or death cross, it means that a bullish or bearish case was not clear for AXS.

So, when the unlock finally takes place, AXS might keep trading around the said range. Also, traders might need to avoid opening longs or shorts with high leverage. This is because volatility could become high and spark liquidations.

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

Injective (INJ) Price Prediction

In the last 365 days, INJ’s price has increased by 2,365%, CoinMarketCap revealed. However, the 4-hour chart showed that the token had dropped from its all-time high (ATH).

With the upcoming token unlock, there is a chance the INJ’s value could increase. At press time, the Aroon Up (orange) was 85.71%. On the other hand, the Aroon Down (blue) was 35.71%.

If this indicator remains in the same state, then INJ might eye a move to $45. This was also the bias shown by the RSI whose reading was 60.31. The RSI indicated increasing buying momentum.

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

So, as long as sellers do not dump the token, it could be a safe decision to hold rather than sell INJ.