Investors closely monitor token unlock events in the cryptocurrency market. According to Token Unlocks platform data, next week will see $452.75 million worth of token unlocks, with the largest event being the unlock of Optimism's native token OP from the Ethereum Layer-2 network.
The event is set to take place tomorrow morning at 06:00 and will unlock 2.31% of OP's total supply. As the OP token is currently trading at $2.67, investors are anticipating the event with great interest. The token unlock event is expected to be one of the most significant events of the week.
Analysis of OP Chart
The daily chart of OP has been providing valuable insights to investors since October. Recent selling pressure has caused a break in the rising trend line, leading to a loss in momentum for OP. The EMA 200 (red line) has been playing a crucial resistance role in recent bar formations, potentially adding more challenges for OP.
On the daily chart, key support levels for OP to watch are $2.55, $2.31, and $2.05. A daily bar closure below the $2.55 level, in conjunction with the EMA 21 (green line), could expose OP to further selling pressure.
Important resistance levels to monitor on the daily chart for OP include $2.85, $3.24, and $3.82. Daily bar closings above $2.85, which is above the EMA 200, could help OP gain momentum. Long-term positive movement for OP would require its price to consistently close above $4 on a daily basis.
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