Token

Bitcoin

Optimism

Avalanche

Token Unlocks: The cryptocurrency market initiated the second week of July on a bullish note as the leading digital asset <a href="https://coingape.com/trending/is-robert-kiyosaki-bitcoin-crash-prediction-coming-true/">Bitcoin</a> found suitable support at $55000. A recent reversal from this support uplifted the asset 6.4% to trade at $58600 and sparked a fresh relief rally in the altcoin market. 
However, as the coin price faces a steady supply from the German government selling BTC, the sustainability of this recovery is yet to be confirmed. Amid an uncertain recovery, the upcoming token unlocks could majorly impact cryptocurrencies. 
Token unlock events are planned moments when previously locked cryptocurrency tokens are released to investors, team members, or other stakeholders. The increase in circulating tokens may lead to a decrease in an asset’s value, as per the scarcity principle. 
Also Read: <a href="https://coingape.com/major-investment-advisor-dives-into-blackrock-bitcoin-etf/">Institutional FOMO On Spot Bitcoin ETF As German Govt Continues BTC Sell-off</a> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"> <h2 id="span-style-font-weight-400-optimism-op-span">Optimism (OP)</h2> </li> 
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Optimism (OP) is a layer 2 scaling solution for <a href="https://coingape.com/sponsored/unveiling-the-concern-ethereum-inflation-keeps-rising/">Ethereum</a> designed to enhance its transaction speed and reduce costs by processing transactions off-chain. 
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 Optimism (OP)| Tradingview
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Over the past four months, the OP coin has witnessed a steady downtrend with its price falling from $4.86 to $1.22 low, registering a loss of 74.8%. However, amid the current market recovery, the altcoins reverted to $1.61 and uplifted the market cap surged to $1.8 Billion. 
Retail investors must remain cautious of this relief rally as the Optimism coin is scheduled for a Cliff unlock on 15th July. As per the data from the Token Unlocks, 10 Million Op tokens which is 0.89% of the current circulating supply will be allocated to Retroactive Public Goods Funding. 
Amid this event, the Optimism price could struggle to surpass overhead resistance of $1.86 and spark another reversal. 
<ul> 
 <li> <h2 id="span-style-font-weight-400-worldcoin-wld-span">Worldcoin (WLD)</h2> </li> 
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Worldcoin (WLD) is a cryptocurrency project designed to build a privacy-preserving global identity and financial network 
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 Worldcoin (WLD)| Tradingview
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After a 5.62% surge overnight, the <a href="https://coingape.com/price/worldcoin/">WLD price</a> experienced an intraday pullback of 1.13%, bringing its price down to $1.90. With a market cap of $517 million, Worldcoin struggles to maintain dominance above the $2 mark, showing a clear downtrend in the daily chart. 
The resistance trendline, combined with a broader market correction, has led to a significant drop in Worldcoin’s value. Currently, WLD is down 84% from its peak of $11.70 in March 2024. 
The <a href="https://coingape.com/worldcoin-layer-2-world-chain-announces-developer-preview/">Worldcoin</a> currently witnesses a Liner unlock of 22.35 Million, which is currently 8.23% of the current circulating supply. On 24th July, the upcoming Linear Unlocks will be scheduled for 6.62 Million WLD per day for 540 days. 
This could potentially accelerate the downward pressure with key support levels to watch are $1.40 and $0.97.&nbsp; 
However, potential early reversals might occur around the psychological support levels of $1.50 and $1.00. 
Also Read: <a href="https://coingape.com/fed-chair-jerome-powell-testimony-sets-bitcoin-btc-on-bullish-course/">Fed Chair Jerome Powell Testimony Sets Bitcoin (BTC) On Bullish Course</a> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"> <h2 id="span-style-font-weight-400-avalanche-avax-span">Avalanche (AVAX)</h2> </li> 
</ul> 
<a href="https://coingape.com/trending/avalanche-price-is-on-the-move-how-high-can-it-go/">Avalanche</a> (AVAX) is a blockchain platform that aims to rival Ethereum with a focus on speed, scalability, and versatility. Similar to the broader market movement, the AVAX price trend reveals a massive correction in motion.&nbsp; 
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 Avalanche (AVAX)| Tradingview
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Trading at a discount of 58% from the 52W high at $65 formed in March 2024, Avalanche is gradually preparing a trend reversal. With a falling wedge formation in the daily chart, the lower price rejections reveal a solid support trendline. 
As the ongoing recovery accounts for a 6.78% jump within 48 hours, leading to two bullish candles, the demand is increasing significantly. Further, the morning star at the trendline bolsters the upside movement in AVAX prices.&nbsp; 
However, the solid resistance trendline could prolong the downtrend until the price reaches the bottleneck part of the falling wedge. According to Token Unlocks data, the Avalanche network is witnessing Liner unlocks of 700k AVAX, which represents 0.18% of the current circulating supply. 
On August 20th, a cliff unlock is scheduled for Avalanche, releasing 9.54 million AVAX tokens—equivalent to 2.42% of the circulating supply—distributed among four parties. 
With sustained selling, the potential support levels for the <a href="https://coingape.com/price/avalanche/">AVAX price</a> are at $21.8 and $18.9. 
<h3 id="span-style-font-weight-400-key-takeaway-span">Key Takeaway</h3> 
The token unlock process is essential for managing supply, incentivizing long-term involvement, and maintaining market stability. However, as the ongoing relief rally is yet to attain sustainability the assets like Optimism (OP), Worldcoin (WLD), and Avalanche (AVAX) are at risk of prolonged downfall due to scheduled token unlocks in the near future. 
The post <a href="https://coingape.com/markets/token-unlocks-to-watch-out-as-bitcoin-triggers-bottom/">Token Unlocks To Watch Out As Bitcoin Triggers Fresh Bottom Formation</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Token Unlocks To Watch Out As Bitcoin Triggers Fresh Bottom Formation

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