- YGG price is up 15% in the last 24 hours, sustaining the gains amid the continuing countdown to the unlocks event.
- On October 27, 12.58 million Yield Guild Games tokens will be unleashed, worth around $3.50 million in a cliff unlock.
- Such events inspire volatility, with the altcoin expected to register significant price shifts within two weeks of the event.
- Tokens will go to investors, community members, treasury, and founders, with the first two expected to pursue quick profits.
YGG, the token that powers the Yield Guild Games ecosystem is showing interesting movement, recording a steady climb over the last few days. Riding the broader market bullishness and bending to the whims of investor activity, the YGG market may be bracing for volatility.
YGG price brace for volatility
YGG price is up around 15% in the last 24 hours, adding to the gains the altcoin has been recording over the five days. Nevertheless, the cryptocurrency remains stuck within a longer-term range extending from $0.1906 to $0.2719.
Based on the Relative Strength Index (RSI) indicator, momentum is rising that could see YGG price escape the upper boundary of the range at $0.2719. In a highly bullish case, the gains could extend for Yield Guild Games to tag the $0.4000 psychological level. The Awesome Oscillator (AO) is also in the positive territory, showing bulls are leading the market.
YGG/USDT 1-day chart
On the flip side, a rejection from the $0.2719 resistance level could see YGG price pull back towards the lower boundary at $0.1906. In the dire case, the slump could extend below this support level to possibly tag the low at $0.1147.
YGG token unlocks
Meanwhile, YGG community members are bracing for the cliff token unlocks event scheduled for October 27. The event will see 12.58 million YGG tokens worth approximately $3.50 million to the market.
These tokens will be allocated to the founders, treasury, the community and to investors. Noteworthy, while the founders and treasury may choose to hodl, investors and community members are likely to pursue quick profits.
The ensuing selling pressure could add to the headwinds to push YGG price south. Notwithstanding, the event in itself is expected to stir up some volatility in the Yield Guild Games market.
YGG token unlocks
During the last unlocks, the Yield Guild Games market indicated some volatility within two weeks around the event, with selling pressure increasing as investors sought to avoid being caught as part of exit liquidity. Buying pressure was also noted, as investors sought to leverage the dip to increase their holdings.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
![VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoins-33758372_XtraSmall.jpg)
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
![Ethereum Classic price sets for a rally following retest of key support](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/EthereumClassic/ethereumclassic_XtraSmall.jpg)
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
![Celebrity meme coins lose their shine](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/crypto_matrix-637516561995093295_XtraSmall.jpg)
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
![Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit](https://editorial.fxstreet.com/images/Resources/CryptoWorldSEO3_XtraSmall.jpg)
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
![Bitcoin: Will BTC manage to recover from recent market turmoil?](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_closer_XtraSmall.jpg)
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.