![\"\"](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/screenshot-www.tradingview.com-ARB.png\")
<\/p>\nAfter trading sideways for almost a month, the Arbitrum (ARB) price suddenly dropped yesterday, August 16.<\/p>\n
The token dropped by 20% in the last 30 days, going from $1.2599 on July 17 to $1.040 on August 17.<\/p>\n
The first price drop took place around July 26, when the price dropped to a support at $1.150. It remained around this level for several weeks, including the final week of July and August.<\/p>\n
Between August 1 and August 8, the price dropped below $1.150, but it stayed close to this level, treating it as a resistance it intended to breach.<\/p>\n
This finally happened on August 8, when the price surged, climbing to $1.183. However, it continued declining in the following days until it stabilized at $1.150 again.<\/p>\n
On August 16, however, it continued to drop until it finally hit $1.036 earlier today, August 17, dropping 11.29% in the last 24 hours. At the time of writing, ARB’s price sits at 1.05.<\/p>\n
Typically, whenever a cryptocurrency sees a sharp price movement, it is followed by a strong counter-reaction.<\/p>\n
When the token price drops sharply, it tends to find support to bounce back up. Similarly, sudden surges tend to hit a resistance rejecting the price.<\/p>\n
ARB’s sudden and intense price crash could lead to a price elevation in the coming days or weeks. This is the idea of one of the analysts, who believes the token might continue dropping to $0.98 before it shoots up.<\/p>\n
<\/p>\n
After Arbitrum’s price started sinking in July, which continued in August, some speculated<\/a> that this price action came in response to competitors from Optimism’s raising community exercise.<\/p>\n At the time, Optimism also surpassed Arbitrum in day-by-day transactions. However, ARB holders anticipate its partnership with Uniswap will extend its buying and selling exercise.<\/p>\n Opinions regarding how Arbitrum will react in the coming days tend to differ widely, with some expecting a considerable price rise. In contrast, others believe ARB will continue to crash due to competition.<\/p>\n According to Arbitrum’s plans, the project is scheduled to release 1.11 billion ARB tokens in its unlock event, which should take place in March 2024.<\/p>\n The announcement was made by Token Unlocks on X. Interestingly; the newest price drop came just after the information.<\/p>\n 📅 Mark your calendars On March 16th, 2024, get ready for a massive cliff unlock as the Team and Investors unlock their tokens, totaling a staggering $1.26 billion. 🔥<\/p>\n But that's not all! Starting from that day, every 16th of the… pic.twitter.com\/Ayv4bKXmty<\/a><\/p>\n — Token Unlocks (@Token_Unlocks) August 16, 2023<\/a><\/p><\/blockquote>\nPrice drop came as the ARB token unlock event was announced<\/h2>\n
\n
$1.1 billion in $ARB<\/a> unlocks are coming ⏳<\/p>\n