- ARB’s value could rise due to the upcoming token unlock.
- A close above the $2.15 resistance might propel ARB towards $3.
What is Token Unlock ?
A token unlock refers to the release of previously restricted tokens into circulation. In this context, ARB tokens that were previously unavailable for trading will become available, impacting the token's liquidity, volatility, and trading volume.
Arbitrum’s token unlock is set for March 16. While some view this event as bullish for ARB, the planned release of 1.45 billion tokens may also increase supply, potentially impacting liquidity, volatility, and volume.
Chart Analysis
Currently ,
$ARB trades at $1.8854, reflecting a 6.45% decline in the last 24 hours. However, the 1-Day ARB/USDT chart suggests a potential buying opportunity, with a dip at the buy support range . Overhead resistance is between $2.2816 and $2.4251, breaking this resistant level could propel ARB upwards momentum.
A highly bullish scenario could see ARB reach a new all-time high, but significant buying pressure and fewer liquidations are required. Conversely, a bearish outcome may see the token’s value decline more to this buy ranges below.
Good LuckTraders .
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