Bittime - The price of the Immutable These two cryptocurrencies will both experience a token unlock today, May 17 2024, which could affect their prices.
However, the reaction may be different. Which token is better prepared to face this increase in the number of tokens in circulation and maintain its value?
How Many IMX and APE Tokens Are Released?
On May 17, 2024, IMX will release 25.53 million tokens, which is equivalent to 1.75% of the total tokens in circulation. This amount is worth approximately $50 million. Meanwhile, ApeCoin will release 15 million tokens, or 2.48% of the total tokens in circulation, with a value of almost $19 million.
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May is indeed a busy month for token unlocks. For example, AEVO experienced a price increase of up to 750% compared to the total tokens in circulation at that time.
The large number of tokens released compared to the total tokens in circulation seems to influence the price. SUI and DYDX, which experienced token unlocks of more than 10%, saw their prices fall afterward.
Also read: ApeCoin, Pixels, and YGG are ready to open tokens worth almost $ 250 million
In contrast, AVAX and APT prices are unaffected by their respective token unlocks of 2.5%. Interestingly, the price of ARB has actually increased in the last two days even though there was a token unlock of 3.5% of the total tokens in circulation.
Since the number of tokens released for IMX and APE are both less than 2.5% of the total tokens in circulation, the general expectation is that these releases will not have a significant impact on the price.
However, the price movements of both will be analyzed to see whether this token unlock will trigger major selling pressure or not.
IMX Surges and Forms a Bullish Candlestick Pattern
IMX price has been rising since hitting a low of $1.67 on April 13. On May 12, IMX price managed to break through the descending resistance trendline formed since the highest point of the year on March 12. This is a sign that the price correction is over.
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IMX price movements are in line with this possibility, as can be seen from the formation of a bullish engulfing candlestick (green icon) on May 15. This candlestick pushed the price to the horizontal and Fibonacci resistance area of $2.45.
Combined with the short-term rising support trend line (dotted line), an ascending triangle pattern is formed, which is a bullish pattern.
Also read: Immutable X (IMX) Price Prediction According to the Crypto Academy [Most Updated]
The RSI and MACD indicators both show an upward trend. Furthermore, the RSI has just risen above the 50 level and the MACD is moving into positive territory (green circle). Both indicate a bullish trend.
A break of the $2.45 area will confirm the bullish trend. If that happens, IMX could potentially move towards the 0.618 Fibonacci retracement resistance at $2.97. Although the outlook is bullish, rejection from the area could trigger a price drop to the ascending support trendline at $2.05.
APE Price Experiences Breakdown but Fails to Sustain Gains
The APE price chart in the daily timeframe has two similarities with IMX: the APE price has been increasing since April 13, and the price has successfully broken through the resistance trend line formed since the highest point of the year.
However, the price movement after this release is different. While IMX formed a bullish pattern, APE price instead fell and returned to pre-release support at $1.15.
Although APE also formed a bullish engulfing candlestick on May 15, most of its gains were lost shortly thereafter.
APE's daily RSI and MACD indicators are in the process of forming a bullish divergence (green line). However, the formation of this divergence depends on whether the price can rise again above support.
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Therefore, whether the APE price will rise again to $1.15 or even fall will determine the direction of the future trend.
If the price can rise again, an uptrend towards the 0.382 Fibonacci resistance at $1.65 could occur. Conversely, a price drop could trigger the price to fall to the all-time low support at $1.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Immutable (IMX) Price Prediction 2024-2025: Up 37% In 1 Day, Will The Future Be Bright?
Immutable and Polygon Collaborate, Raise $100 Million in Funds to Develop Web3 Gaming!
ApeCoin (APE) Market Cap Grows Again in Q1, According to Messari
APE Price Prediction: Will it Hit $1 Amid Ethereum and Bitcoin NFT Drop?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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