Akedo set to unlock 2.11B tokens: Sell pressure fears cloud epic 300% weekly run
Akedo has drawn enormous trading volume in recent days and was up 300% over just the past week.
Akedo [AKE] crypto, the $230 million market cap multi-agent AI platform and launchpad on BNB Smart Chain, has rallied 300% over the past week and 53% over the past 24 hours alone.
Capable of converting natural language prompts into playable video games and digital assets, the crypto has attracted considerable attention in recent weeks. The bullish breakout started in mid-July and has continued to this day, with brief intervals along the way.
On Monday, the 21st of September, 2.11 billion AKE tokens, 2.11% of the 100 billion total supply, are scheduled to be unlocked, according to DropsTab. At current market prices, this unlock is worth $127 million.
Will the unlock mark the local market top for AKE?
The monthly unlock on the 21st of each month has not materially affected the uptrend. In certain months, such as April and July, AKE had seen a sizeable pullback roughly a week before the unlock.
In other months, the bullish momentum had continued unabated. AKE’s September remains likely to fall under the second category.
The $0.0113 and $0.088 mark the swing points of the latest bullish impulse move on the 1-day timeframe. The RSI was in overbought territory, but that often doesn’t rein in a strong uptrend.
The OBV’s steady advance confirmed buying pressure behind the altcoin.
With up-only tokens like these, risk management and optimal entry levels can become hard to plot. The FOMO and speculative interest are too high to allow sizable pullbacks.
The short-term AKE outlook
The spot CVD has declined in recent hours, alongside the Open Interest, while the price stagnated around the $0.063 area. Moreover, the Funding Rate had become negative, showing market participants were overwhelmingly anticipating a downward price move.
The $0.0418 and $0.0294 are the previous swing levels that mark significant nearby support levels. The $0.0418 level is 35% below market prices, which reinforces the point about the distance between notable horizontal levels during price discovery.
One of the threats facing investors is that only 22% of the total 100 billion AKE is in circulation. Over time, unlocks can and will put selling pressure on the market.
Final Summary
- Akedo has drawn enormous trading volume in recent days and was up 300% over just the past week.
- The rally extended back to mid-July. Monthly token unlocks have not materially dented the uptrend since then.
