Upcoming ARB token release may drive increased volatility in November trading.
Key support levels at $0.49 and $0.48 could cushion against possible price dips.
Breaking $0.53 resistance may confirm a bullish trend despite new token supply.
Arbitrum is approaching another major token unlock, scheduled for November 16th, 2024. Token Unlock data shows that 92.65 million ARB tokens, worth roughly $48.5 million, will be released, primarily to the Arbitrum team, advisors, and investors. This event has sparked considerable interest due to the price volatility seen after previous unlocks.
Earlier this year, Arbitrum unlocked 1.1 billion tokens worth about $2.32 billion, which triggered a significant price drop from $2.10 to $0.52. As the next unlock nears, investors are closely watching price trends, support and resistance levels, and technical indicators to anticipate potential market reactions.
Source: Twitter
Current Price Movements and Key Support Levels
As at press time, ARB is trading at $0.5179, reflecting a daily gain of 7.57%. The token has rebounded from a recent low of around $0.481, reaching a high near $0.53 before a minor pullback. This suggests…
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