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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?

HappyCoinNewsHappyCoinNews2024/11/10 21:55
By:HappyCoinNews

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.

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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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