ARB Price Nears Crucial Resistance at $0.08134 Amid Token Unlock

The price of Arbitrum (ARB) has been steadily increasing over the past 24 hours, currently trading at $0.07462 and a market cap of $493.59M.

A recent unlock event released $6,737,576 worth of ARB tokens, accounting for roughly 1.61% of the allocated supply, with the majority coming from team and investor wallets.

Futures traders are signaling bullish sentiment, with a long/short ratio leaning in favor of buyers across exchanges like Binance and OKX.

However, technical analysis suggests that ARB is currently pressing against the upper boundary of its descending channel, making the $0.08134 resistance level the key test.