According to token unlock data, the unlocking of tokens, currently valued at $22.3 million, will take place on October 12th. Considering that we are in one of the least liquid periods in the market, we may witness manipulated price movements.
If it fails to hold its current region, I would expect the price to test the $4.1 level initially. However, if it manages to maintain its current region and receive a bounce from this area, the first intermediate resistance level I am monitoring is the green box range (between $5.7 and $5.8), as indicated in the visual. If it gains this zone, I would anticipate the price testing the $6.4 level.
I do not find it healthy to take positions before October 11th as inflation data will be announced on that day.
The analyses shared here are not investment advice; however, they are considered support and resistance levels that may provide short to medium-term trading opportunities in the market. The responsibility for taking trades and managing risks lies with the user. Using stop-loss orders in shared trades is strongly recommended.
