Leading crypto analysts have issued a sales warning for these 10 altcoin projects, which are also in the basket of Turks! Here are the details…
Experts warned: “These 10 altcoin projects are facing big sell-offs!”
As Cryptokoin.com reported, unlocking coins can sometimes result in negative results for investors. Especially with the unlocking of the coins, it is inevitable that the prices of some altcoin projects will decrease. However, experts warn in their recent analysis that the unlocking of these 10 altcoins could greatly affect the price.
Chinese crypto reporter Colin Wu shared a list of key coin unlocking events scheduled to take place in May 2023. Four of the 10 altcoin unlock events are scheduled for the first two weeks of May, which are announced as GAL, DYDX, APT, and BIT, respectively. A team of token engineers and experts at 6thManVentures suggested that unlock events for these coins could push the coin price to lows. So, what are these altcoins? The 10 altcoin projects that will be presented to investors with the unlock event in May were shared by Colin Wu as follows:
While these altcoins appear as GAL, DYDX, APT, BIT, APE, ROSE, IMX, RON, AVAX and OP, it is seen that many altcoin projects have unlock events throughout May.
So what role will unlocks play for these altcoins?
Looking at the statements made by the token engineers of 6thManVentures, it is seen that 6.5 million and 4.5 million tokens will be unlocked for DYDX and APT, respectively, and since these locks make up less than 1 percent of the coin supply, the coin’s price and volatility are much higher than other altcoin projects. reported to have little effect. However, DYDX has gained over 5 percent to its investors since Wednesday. According to experts, if the price of the popular altcoin project continues to rise until the unlock event on May 9, the unlock may turn into a “sell the news” event based on historical data.
On the other hand, token engineers draw attention to the coin unlocking of GAL on March 30. The unlocking of the GAL caused the price of the popular altcoin project to drop from the $1.85 levels to the $1.74 low. However, within hours of the coin unlocking, there was a decrease of about 5 percent. According to experts, unlocking coins is very important from a macro perspective and can provide volatility to the crypto market for a week.
However, as you know, the US Federal Reserve increased interest rates by 25 basis points on May 3, and all eyes are on the important Non-Farm Employment data to be announced on Friday, May 5. The US Dollar Index and risk asset prices may witness a shift in response to the Nonfarm Payrolls data scheduled for May 5.
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