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Analyzing how high can DoubleZero go before 2Z's massive unlock next month.
DoubleZero rallied by more than 29% in the past 24 hours, leading by gains among all the top 200 cryptos by market cap. The rally came amidst a broader crypto market rebound.has been making higher highs and lows since its trendline break.
This daily surge cleared liquidity clusters sitting above equal highs of $0.060, amplifying the move past $0.075. The CVD showed 19.57 million 2Z tokens bought at the hour of the press, confirming the ongoing buying activity. The Stochastic Momentum Index was also trading around maximum levels. If the bullish action continues, the next price targets are at $0.095 and $0.120.
But for 2Z to hit these levels, it has to stay above $0.075. The altcoin’s downside risk extends to $0.050, where the trendline was broken.rallied up, its Open Interest jumped by 113%, which indicates bullish positioning. Similarly, volume rose by 107%, surpassing $50 million at press time. In fact, data from CoinGlass showed there were $2 million in Cumulative Long Liquidation Leverage as compared to $955K in short orders.
Moreover, there was rotation of capital in the form of 2Z across major institutions. For instance, Fireblocks sent 1.452 million 2Z tokens worth $102K to BtcTurk’s cold wallet, indicating accumulation. Similarly, Binance exchange and Wintermute market maker were moving tokens across their wallets, potentially for liquidity purposes. The market maker also sent 1.113 million to Bybit’s hot wallet.
Another institution is Upbit, which transferred tokens across its multiple hot wallets. Upbit moved a total of over 14 million 2Z, worth over $800K, likely for position management. Provided the institutions do not enter a selling spree, 2Z will continue pumping. But there is a stumbling block to this uptrend in a week’s time.
According to the protocol’s unlock schedule, about 1.77 billion 2Z, worth over $124 million, will hit the market on October 2nd. This amount represents 17.79% of the max supply, which will bring the circulating supply to 51%. Currently, more than 65% of the supply is locked. The majority of the allocation of the vested tokens was reserved for Jump crypto, Malbec Labs, and other institutions and contributors.
This massive selling pressure from the token unlock could cap this uptrend that has been in place since the 16th of September. Traders need to watch the token’s performance in the coming week to anticipate the impact of the upcoming release. DoubleZero rallied over 29%, leading all top 100 cryptos by market cap amid leveraged bullish positioning. AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers.
We have quickly grown into the digital news source for an emerging generation of cryptocurrency enthusiasts, reaching more than a million readers on a monthly basis, across the globe.
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