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Will the unlocking of $48,5 million worth of tokens affect the price of Arbitrum?

Will the unlocking of $48,5 million worth of tokens affect the price of Arbitrum?

HappyCoinNews2024/11/10 21:55
By: HappyCoinNews
ARB-1.73%

Crypto project Arbitum is preparing another major token unlock, which is scheduled for November 16. As part of it, 92,65 million ARB tokens worth about $48,5 million will be released to the market, intended primarily for the team Arbitum , consultants and investors.

This year Arbitum has already unlocked 1,1 billion tokens worth about $2,32 billion, causing the price to drop significantly from $2,10 to $0,52. As the next unlock approaches, investors are closely monitoring price trends, support and resistance levels, and technical indicators to gauge the potential market reaction.

The current price of ARB is $0,599, showing a daily gain of 3,6%. Over the week, the token price has gone up by 17,6%.

Will the unlocking of $48,5 million worth of tokens affect the price of Arbitrum? image 0In terms of support, the first key level is at $0,49, with the second and stronger one at $0,48. If the price reaches these levels again, they could provide support, especially given the additional selling pressure from the unlock.

ARB is currently testing resistance at $0,6. A break above this level could confirm the continuation of the uptrend. The $0,63 level represents another key resistance zone, which, if broken, could signal further upside potential.

The 4-hour RSI is currently at 59,52, indicating a neutral stance. It is approaching the overbought zone but has not yet reached it.

The 4-hour MACD is trading above its signal line, indicating some bullish momentum, although it should be considered relatively weak. If the MACD continues to rise, it could attract more buyers.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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