- Lookonchain data indicated that a whale withdrew 1.15 million ARB from Binance.
- Over the past week, ARB’s price climbed by 3+%, which was likely due to a flurry of whale activity over the past few days.
- Technical indicators suggested that ARB could see its price drop in the days to come.
Arbitrum (ARB) has proven itself to be a resilient cryptocurrency amidst the DeFi turbulence in the 2023 market. Data from the on-chain analytics platform Lookonchain indicates that this is largely fueled by the actions of whales and ARB supporters.
The whale withdrew 17.53M $ARB ($20.87M) from #Binance at an average withdrawal price of $1.19 before and deposited 11.13M $ARB ($10.17M) to #Binance at an average deposit price of $0.91.The loss exceeded ~3M!And currently holds 7.55M $ARB($6.25M).https://t.co/HpuZnHbap4 pic.twitter.com/ejykYQ9kja— Lookonchain (@lookonchain) September 22, 2023
According to an X post shared by Lookonchain earlier today, a prominent whale has given a major vote of confidence in ARB. In the last 48 hours, this whale withdrew 1.15 million ARB, valued at approximately $952,000, from the Binance exchange.
ARB is quickly establishing a prominent position in the field of layer-2 blockchain technology. This is emphasised by ARB’s remarkable Total Value Locked (TVL) of $5.6 billion, surpassing its rivals Optimism, Mantle and ImmutableX.
The past seven days have been successful for the altcoin as CoinMarketCap indicated that ARB saw its price climb by more than 3% during this time. However, ARB’s price did end up slipping by 0.48% in the past 24 hours, which left it trading at $0.8345. This was likely due to a flurry of market activity by ARB whales in the past few days.
Daily chart for ARB/USDT (Source: TradingView)
However, technical indicators suggested that ARB could see its price drop in the days to come. This was after the altcoin failed to break out of a medium-term descending price channel over the past 72 hours, causing ARB’s price to retrace to below the 9-day EMA line, where it continued to trade at press time.
If ARB does not close today’s daily candle above this technical indicator, which was situated at $0.8351, then it will be at risk of correcting to the next key support level at $0.7460. Conversely, a daily candle close above this EMA line today could invalidate this bearish thesis.
A daily candle close above the 9-day EMA line may be followed by ARB’s price attempting to overcome the barrier at $0.8720, which was also confluent with the upper limit of the negative price channel. Subsequently, the altcoin’s price may have the support needed to rise to $1.0395 in the following week.
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