Market Volatility Ahead: $48.5 Million in Cliff Unlocks Loom

The week of September 23rd to 29th will see a significant $48.53 million worth of tokens enter the market, according to Token Unlocks data. These cliff unlocks are expected to shake up market dynamics for several key tokens, including $VENOM, $YGG, $AGIX, $FET, $ENA, and $GAL.

🔓 Weekly Cliff Unlocks : 23-29 Sep ’24 🔓

🔥 $ 48.53m 🔥

🌟 Unlock Highlights 🌟$VENOM (12.67%) – $25.11m$YGG (3.69%) – $6.57m$AGIX (1.62%) – $5.73m$FET (0.14%) – $5.61m$ENA (0.78%) – $3.80m$GAL (0.33%) – $0.98m
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( % of cir. supply) pic.twitter.com/RCrQzpHe9B

— Token Unlocks (@Token_Unlocks) September 20, 2024

Such unlocks have the potential to create volatility as the new supply of tokens influences supply and demand.

VENOM ($VENOM): Examining the Price Trends and Support Levels

VENOM leads the unlock list with a substantial 12.67% share, unlocking $25.11 million worth of tokens. VENOM’s price is currently at $0.1068, a 1.31% increase in the past 24 hours. The chart shows initial price fluctuations followed by a rebound. The overall trend indicates steady growth, recovering from its earlier low of $0.1056.

Key support levels are at $0.1056 and $0.1060, where buyers might step in during a potential dip. VENOM faces resistance around the $0.1070 mark, a key barrier to continued upward movement. The immediate challenge for VENOM is breaking through this resistance level to maintain its upward trend.

VENOM/USD 1-day price chart, Source: Trading view

Notably, the 1-day RSI (Relative Strength Index) for VENOM is at 22.25, suggesting the asset is oversold and might rebound. The 1-day MACD (Moving Average Convergence Divergence) shows bearish momentum, with the MACD line trading below the signal line.

Yield Guild Games (YGG): Short-Term Momentum and Key Support Levels

Yield Guild Games (YGG) has unlocked $6.57 million worth of tokens, making up 3.69% of the weekly cliff unlocks. YGG is currently trading at $0.4635, a significant 7.31% increase in the last day. This rise points to growing bullish sentiment, though traders should be mindful of short-term volatility.

Key support levels are at $0.4316, where the price previously rebounded, and $0.44, a consolidation zone during earlier trading sessions. On the resistance side, $0.47 is a significant level that YGG has struggled to surpass. A successful break above this resistance may signal further bullish momentum.

YGG/USD 1-day price chart, Source: Trading view

YGG’s technical indicators give mixed signals. The 1-day RSI is at 60.04, placing the asset near overbought territory. Meanwhile, the MACD is trading above the signal line, suggesting positive short-term momentum. However, with the asset approaching key resistance, traders should watch for any signs of reversal.

SingularityNET (AGIX): Volume Surge Signals Strong Market Interest

SingularityNET (AGIX) has unlocked $5.73 million worth of tokens, comprising 1.62% of the week’s unlocks. AGIX is currently priced at $0.7019, up 9.45% in the past day. The short-term trend for AGIX looks bullish, with significant buying interest driving prices higher.

Support levels for AGIX are at $0.6418 and $0.65, with both levels showing strong buying interest during dips. On the resistance side, $0.73 and $0.75 are critical levels that AGIX must overcome to keep up its bullish trend. A successful break above these resistance levels could lead to further price appreciation.

AGIX/USD 1-day price chart, Source: Trading view

The volume for AGIX has surged by 316%, a strong sign of increased market participation. The RSI is at 44.71, suggesting that the token is neither overbought nor oversold, leaving room for further movement. Furthermore, the MACD is above the signal line, indicating that bullish momentum may continue.

Other Key Tokens to Watch: FET, ENA, and GAL

Artificial Superintelligence (FET) has unlocked $5.61 million, representing 0.14% of the total cliff unlocks. FET has experienced a 4.11% rise, bringing its price to $1.57. The token has been volatile, moving between $1.47 and $1.57. Traders should look for a breakout beyond these levels to confirm a trend direction.

Key support is at $1.47–$1.50, where the price previously bounced back. If this level holds, FET could continue its upward movement. However, resistance near $1.57–$1.60 remains strong, with the price struggling to break through this zone.

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