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- PENDLE was overbought and high volatility could drag the price down to $3.75.
- The 4-hour YGG/USD chart displayed a golden cross which could see the token hit $1.20.
- More money flowed into AGIX, suggesting that the price might retest $1.30.
Despite having token unlocks this week, the prices of Pendle (PENDLE), Yield Guild Games (YGG), and SingularityNET (AGIX) have increased in the last 24 hours. At press time, PENDLE’s price had increased by 12.39%.
YGG’s value jumped by 14.87% while AI-themed AGIX climbed by 7.72%. According to data from Token Unlocks, PENDLE would unlock 0.09% of its supply, valued at $167,870 on March 27. On the same day, YGG would release 5.39% of its supply into circulation.
Lastly, AGIX’s token unlock was worth $9.99 million, representing 0.69% of its total supply. Typically, token unlocks cause high volatility and have impacts on liquidity. As such, Coin Edition looks at the possible impact on the prices of these tokens.
Pendle (PENDLE)
On the 4-hour timeframe, a red candlestick dragged PENDLE’s price from $ 4.12 to $3.98. This drawdown was a signal that some traders might be booking profits. If other market participants also decide to sell, the price of the token might dump to $3.48 support.
The Relative Strength Index (RSI) showed that PENDLE had initially hit an overbought point before it retraced. However, the decline has not automatically led to a bearish momentum. Further indications from the Bollinger Bands (BB) also reinforced the overbought state as the upper band hit the token above $4.
With the upcoming token unlock, it is possible to see PENDLE shed some of its gains. In a highly bearish case, the price of the token might drop to $2.91. However, if buyers sustain the momentum, PENDLE might trade around $3.75
PENDLE/USD 4-Hour Chart (Source: TradingView)
Yield Guild Games (YGG)
Unlike PENDLE, YGG did not experience a retracement as the price hit $1.10. A look at the Exponential Moving Average (EMA) showed that the value might continue to increase.
As of this writing, the 9 EMA (blue) had crossed over the 20 EMA (yellow). With this trend, YGG might see more upside irrespective of the token unlock. From a bullish perspective, the price of the token might hit $1.20. But if traders decide to take the recent gains, the value might decline to as low as $1.05.
YGG/USD 4-Hour Chart (Source: TradingView)
SingularityNET (AGIX)
Many AI-themed tokens experienced a decline in the last 24 hours. However, it was not the same for AGIX, indicating that there was optimism around the token unlock.
At press time, the Money Flow Index (MFI) had risen to 66.45. Such a reading implies an increase in capital deployed into the altcoin. It also indicates good buying pressure. If the money flow continues to increase, AGIX’s price might retest $1.30 in the short term.
AGIX/USD 4-Hour Chart (Source: TradingView)
The Awesome Oscillator (AO) also aligned with the forecast as it displayed increasing upward momentum. However, if demand for AGIX does not match the supply increase, a downturn might be next.
The post PENDLE, YGG, AGIX Flash Different Signal Pending Token Unlock appeared first on Coin Edition.