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Cryptocurrency ecosystem investors are closely monitoring one of the key data points: token unlock events. According to the Token Unlocks platform, which allows us to track token unlock data, a record token unlock process worth $2.65 billion will take place over the next seven days. Tomorrow, the unlock event for Moonbeam’s native token, GLMR, stands out as an event that should be closely watched by investors.
Final Hours for GLMR
According to data provided by the Token Unlocks platform, which shares token unlock events with its users, a token unlock worth $2.65 billion will occur next week, marking one of the largest token unlock events in recent times. Among these unlocks is Moonbeam’s native token, GLMR.
The event, which will take place tomorrow (March 11) at 03:00, involves a quantity of tokens that represents 0.36% of the total supply of GLMR tokens and has a market value of $1.57 million. With just hours left for the event, investors are eagerly following the process, and at the time of writing, the GLMR token was trading at $0.515.
GLMR Chart Analysis
The four-hour GLMR chart shows a rising channel formation that catches the eye. In this formation, GLMR, which only dropped to the EMA 200 (red line) level with the decline on March 5, managed to gain significant momentum thereafter and rise up to the formation’s resistance line.
The most important support levels to watch for the GLMR chart are; $0.5031 / $0.4816, and $0.4619, respectively. Especially, a four-hour bar close below the $0.5031 level, which intersects with the EMA 9 (blue line), could lead to a loss of momentum in the GLMR price.
The most important resistance levels to consider for GLMR are; $0.5211 / $0.5412, and $0.5699, respectively. Particularly, a four-hour bar close above the $0.5699 level, which acted as resistance during the last upward momentum and intersects with the formation resistance line, could help GLMR gain momentum.
