In the cryptocurrency ecosystem, token unlock events are closely monitored by investors for potential impacts on market dynamics. According to the Token Unlocks platform, which tracks these events, there will be a significant token unlock worth $233.44 million in the upcoming week. Notably, Moonbeam’s native token, GLMR, is set for an unlock event that demands close attention.
The GLMR token unlock, scheduled for tomorrow at 03:00 AM, represents 0.38% of the total supply, valued at $1.17 million. With the event approaching, investors are keenly watching the process, especially as the GLMR token is currently trading at $0.386.
Technical analysis of the four-hour GLMR chart shows a declining channel pattern since December 25. Following a previous unlock event on December 11, GLMR surged nearly 100% but has since experienced a roughly 40% decline. The recent resistance at the EMA 200 level suggests a bearish outlook for the token.
Key support levels to watch on the four-hour chart for GLMR are $0.3805, $0.3671, and $0.3439. A close below the critical $0.3805 level, intersecting with the Ichimoku line, could trigger selling pressure on GLMR prices.
On the resistance side, the levels to monitor are $0.4109, $0.4395, and $0.4618. A four-hour bar close above the $0.4109 level, which has been a significant hurdle in recent formations, could propel GLMR prices upward.