- Over the past two days, a whale bought ARB worth millions, according to Lookonchain.
- ARB was trading at $1.14 at press time after its price dropped 1.72% over the past day of trading.
- A medium-term bearish technical flag was triggered on ARB’s daily chart.
A whale has been lining its pockets with Arbitrum (ARB) recently. According to a Twitter post shared by the on-chain analytics platform, Lookonchain, a whale spent 800 Ethereum (ETH), worth about $1.47 million, over the past two days to buy 1.27 million ARB. When the cryptocurrency was bought, it was trading hands at $1.16.
Since then, CoinMarketCap indicated that ARB’s price declined by 1.72% over the past day of trading. This meant that ARB was trading at $1.14 at press time after it was able to set a 24-hour high of $1.17.
Along with ARB’s price slip, it also weakened against market leader Bitcoin (BTC) by more than 2% throughout the past day. Meanwhile, the cryptocurrency’s intraday volume of $121.779,342 meant that it experienced a 25+% increase since yesterday.
It is worth noting that ARB’s weekly performance was able to remain in the green zone at +0.27% despite the hiccup in ARB’s price heading into the new week. Its market cap of $1,457,209,778 ranked ARB as the 36th largest cryptocurrency, which placed it right behind Mantle (MNT) in the 35th position.
From a technical perspective, ARB’s price had fallen below the 9-day, 20-day, and 50-day EMA lines over the past week, and continued to trade below these technical indicators at press time. Furthermore, a medium-term bearish technical flag was triggered during this period as the 9 and 20 EMA lines crossed below the longer 50 EMA line.
If this bearish flag is validated, ARB’s price may test the $1.0590 support in the coming week. Continued sell pressure may also drag the altcoin’s price down to the next crucial support level at $0.9217.
On the other hand, if ARB is able to close a daily candle above the 50-day EMA line at around $1.1647, then the bearish thesis will be invalidated. In this scenario, ARB’s price may climb to as high as $1.3613 in the following week.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
