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More Than $2 Billion ARB Unlocked On March 16 — Will Arbitrum Price Dump?

Published March 1, 2024 1:32 PM
Nikola Lazic
Published March 1, 2024 1:32 PM
By Nikola Lazic
Verified by Peter Henn

, Key Takeaways

  • March 2024 will have over $2.9 billion in crypto token unlocks.
  • Robinhood is integrating Arbitrum for lower cost and faster swaps.
  • ARB’s price future hinges on post-unlock market reaction.

March 2024 could mark a significant shift in the cryptocurrency market, due to a substantial volume of token unlocks. Token Unlocks data, as highlighted by Wu Blockchain , reveals that a range tokens, from such platforms as SUI, APT, ARB, APE, MANTA, PIXEL, IMX, ID, YGG, OP, and PRIME, will come onto the market.

 

The total value of tokens unlocking in March is estimated to exceed $2.9 billion. Arbitrum’s ARB token accounts for the lion’s share of this figure, with $2.2 billion worth of ARB tokens being released. 87.20% of its total circulating supply entering circulation might negatively impact ARB’s price. 

This includes 673 million ARBs designated for the team andadvisors and 438 million for investors. The unlock event will take place on March 16.

Robinhood Integrates Arbitrum Swaps 

Arbitrum swaps came out on February 29. This launch signifies a major enhancement in the Arbitrum ecosystem, which currently holds $14 billion in its smart contracts. 

The collaboration aims to leverage Arbitrum’s advanced scaling solutions to offer Robinhood Wallet users the benefits of lower transaction costs and quicker transaction speeds, cementing Arbitrum’s position in the crypto ecosystem as a network with the highest total value locked.

Robinhood Wallet supports Ethereum and Polygon networks in addition to Arbitrum for token swaps via decentralized exchange aggregators like 0x API and LI.FI, emphasizes its no service fee policy for these swaps. 

Arbitrum (ARB) Price Analysis 

Since its market release, the price of ARB created a descending triangle, which led the price to a low of $0.76 on October 19, 2023. A new uptrend started then, with ARB reaching an all-time high of $2.41 on January 11. After that, there was a 33% downturn to $1.60 on January 23, followed by sideways movement that formed a symmetrical triangle.  

Daily chart.
Symmetrical triangle is near completion.

There are two possibilities ahead. Either the larger five-wave uptrend ended at its January high, with the following triangle being its first major correction. If this happens, another downtrend could take place. The likely target would be at the 0.618 Fibonacci level between $1.40 and $1.20. 

On the other hand, the higher degree five-wave impulse could have one more upward push to the upside, with the symmetrical triangle being its corrective wave four. ARB could, in that case, reach a new all-time high above $2.60. 

The first hint at a likely scenario would be the breakout direction from the symmetrical triangle. 

 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

 

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