Is ID Price Crash Incoming as Space ID unlocks 61M Tokens?

SPACE ID (ID) has been experiencing a notable upward momentum in its market value recently. Over the past week, its price has significantly increased, signaling a strong bullish trend. However, unlocking the ID price with the token might trigger a market downturn.

Is ID Price Crash Brewing?

The recent distribution event for SPACE ID’s digital tokens marked a significant update in their quarterly schedule. The blockchain confirmed the transfer of 61.53 million $ID tokens, valued at approximately $23.77 million, to 60 different team and investor wallets.

This quarterly unlocking mechanism ensures that stakeholders receive tokens at regular intervals, maintaining a steady flow of assets within the ecosystem. 

SPACE ID @SpaceIDProtocol 在一个半小时前链上解锁：向 60 个团队/投资人地址解锁分发了 6153 万枚 $ID ($23.77M)。

◎SPACE ID 的团队与投资人解锁频率为每个季度一次；
◎收到解锁代币最多的是 Binance Labs，他们在 6 月份和今天一共收到了 4000 万枚 ID，每次 2000 万枚。目前并没有出售。… pic.twitter.com/kjK8Ofg6yL

— 余烬 (@EmberCN) September 23, 2024

Over the past 24 hours, the SPACE ID has seen subtle fluctuations in its value, indicating slight volatility.  The crypto market is facing market volatility as altcoins show a sideways trend. At the time of writing, the ID price hovered at $0.3814. 

Should you Sell Space ID?

Notably, Binance Labs has acquired the largest share of these distributions, with 40 million IDs received in two separate transactions of 20 million each since June. 

To date, Binance Labs has not recorded any sales of these tokens. Currently, 40% of these tokens are accessible, with the remaining 60% secured under lock.  This suggests market stability and makes a sudden crash in their value unlikely at this time.

The 4-hour chart for SPACE/USDT shows a significant uptrend in the latest trading session. The Moving Average Convergence Divergence (MACD) indicator reflects this positive momentum. The MACD line crossing above the signal line suggests a bullish trend. Additionally, the Relative Strength Index (RSI)has surged past the midpoint of 50, indicating a neutral trend.

The ID price is currently facing strong resistance at the $0.4 level. With prevailing market conditions and token unlocks the top altcoin may drop to $0.35. Under these circumstances, a further decrease to $0.3 is possible. 

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.