Million in Crypto Tokens to Unlock This Week

• Arbitrum (ARB) shows bullish potential above $0.530, impacting market sentiment significantly.
• EigenLayer (EIGEN) and Axie Infinity (AXS) are stabilizing within key price ranges, indicating consolidation.
• ApeCoin (APE) tests critical resistance at $0.7065, with potential for bullish momentum if broken.

The crypto market is gearing up for activity from October 14 to 20, 2024, with over $214.33 million worth of token unlocks, according to Token Unlocks data.

This includes tokens from big projects like Arbitrum (ARB), EigenLayer (EIGEN), Axie Infinity (AXS), Starknet (STRK), Taiko (TAIKO), ApeCoin (APE), and Pixels (PIXEL). These unlocks could shake up market liquidity and prices, depending on how traders react.

Arbitrum (ARB): Bullish Potential Above Key Resistance

Arbitrum (ARB) is leading the pack, with a $48.97 million token unlock (2.56% of circulating supply). As at press time, ARB is trading at $0.5298, marking a daily increase of 0.66%. 

ARB’s recent price action indicates significant activity around the $0.515 support level. The key resistance sits at $0.530, and a move above this level could send ARB towards $0.540.

However, if ARB can’t stay above $0.515, it might drop to the next support level around $0.510. This tight range suggests a potential breakout or breakdown in the coming days, influenced by market sentiment and the reaction to the unlock event.

EigenLayer (EIGEN) and Axie Infinity (AXS): Steady Price Ranges

EigenLayer (EIGEN) is set to release $41.40 million in tokens (6.01% of circulating supply). It’s currently trading at $3.74, up 1.62% over the last 24 hours. 

The support level of $3.67 has proven solid, and the price is hovering between this support and a resistance level at $3.90. A sustained push above $3.80 could lead EIGEN to retest the $3.90 mark.

Axie Infinity (AXS), with $41.55 million worth of tokens unlocking (6.08% of circulating supply), is trading at $4.50, a slight increase of 0.36%. AXS recently tested support at $4.30, which acted as a base for a minor recovery. 

Resistance near $4.48 has capped the upward movement, but a breakout could push AXS toward the psychological level of $4.60.

Starknet (STRK) and Taiko (TAIKO): Mixed Market Sentiment

Starknet (STRK), with a $25 million unlock (3.30% of circulating supply), is trading at $0.3908, up 2.49% in the past 24 hours. 

STRK has strong support at $0.375, and a move above $0.395 could ignite further bullish momentum.

Taiko (TAIKO) will release $18.24 million in tokens (15.00% of circulating supply), and it’s trading at $1.53. 

Source: Coinmarketcap

The current bearish sentiment has pushed the price downward, with resistance at $1.5988 and support at $1.52. A break below support could lead to increased selling pressure.

ApeCoin (APE) and Pixels (PIXEL): Testing Critical Levels

ApeCoin (APE) is set for a $10.86 million token unlock (2.31% of circulating supply). Currently priced at $0.6998, APE is testing key resistance at $0.7065. 

If buyers manage to push the price above this level, a bullish rally may follow. However, if it fails to break through the resistance, it could drop back down to the $0.67 support level.

Pixels (PIXEL), with a $6.80 million unlock (7.05% of circulating supply), is trading at $0.1259. 

Support is strong at $0.118, and the price is approaching resistance at $0.126. A break above this resistance could signal further upside.