One of the data points keenly observed by cryptocurrency investors is token unlock events, which indicate that tokens worth $243.58 million will be unlocked over the next seven days. According to the data from the Token Unlocks platform, which tracks these events, the most noteworthy is the unlocking of the native token GLMR of the Moonbeam blockchain network scheduled for tomorrow.
The event set for 03:00 tomorrow will unlock 1.60% of the total supply of GLMR tokens, which have a market value of $4.15 million. Investors are eagerly following this event, which is just hours away, and at the time of writing, the GLMR token was trading at $0.326.
The most important structural formation to follow in the four-hour GLMR chart is the ascending channel formation. The presence of both bull and bear traps in this structure indicates that there are deceptive movements within the formation. However, the fact that the EMA 200 level is acting as support and that the price gained momentum here after the support break on November 22nd is a positive indicator for GLMR.
The most important support levels to follow on the GLMR chart are, respectively; $0.322, $0.312, and $0.302. A bar close below the crucial $0.322 level, which played a significant role in the last correction movement, could expose the GLMR price to selling pressure. The token unlock event scheduled for tomorrow could trigger this.
The most important resistance levels to watch on the GLMR chart are, in order; $0.338, $0.351, and $0.364. A bar close above the $0.351 level, which has been touched four times during the recent upward movement but not surpassed, intersecting with the resistance line, will likely lead to a gain in momentum for the GLMR price.