Arbitrum (ARB) has experienced a significant 9% increase in value over the past week, reaching above $0.86. At the same time, Toncoin (TON), Chainlink (LINK), and Aave (AAVE) have also seen double-digit gains. This article examines what could be next for ARB.
Whale Activity and Recent ARB Price
Arbitrum’s native token initially fell to $0.74 on September 11, aligning with the overall market performance as Bitcoin dropped below $25,000. However, ARB/USD recently saw an uptick, with buyers showing interest at $0.90 on September 19. Despite some weakness in the market, ARB has resisted bears to trade around $0.84, indicating a positive outlook.
The recent bullish signals from whale activity and the crowd further support this positive outlook. On-chain analytics platform Lookonchain shared data indicating that one whale made a transfer of 1.15 million ARB from Binance, valued at $952,000 at the time. Despite potentially losing money on ARB, the whale remained bullish and withdrew ARB from Binance, suggesting confidence in the token’s future performance.
What’s Next for ARB?
With Bitcoin looking to regain strength above $26,600 and most altcoins showing resilience, there is a possibility for ARB to break higher and target $1.00. Historical data reveals that ARB last traded at this psychological level on August 23.
Currently, ARB’s price is below the middle band of a rising channel on the 4-hour chart, with the 20-day EMA providing support. The 4-hour RSI also suggests resilience, holding above the 50 mark. If ARB breaks past the middle line of the channel (which also coincides with a key horizontal support-turned-resistance line) at $0.87, bulls may aim for the supply zone above September highs, while a potential demand reload zone could be around $0.74.
Arbitrum (ARB) has seen a 9% increase in price over the past week, making it one of the top gainers in the market. The recent whale activity and positive market signals contribute to a bullish outlook for ARB. If ARB can break past key resistance levels, such as the middle line of its rising channel, it may target higher prices in the near future.
What is Arbitrum (ARB)?
Arbitrum (ARB) is a native token of the Arbitrum network, a layer 2 scaling solution for Ethereum. The network aims to improve scalability and reduce transaction fees on the Ethereum blockchain.
Which other cryptocurrencies saw gains in the past week?
Alongside Arbitrum (ARB), Toncoin (TON), Chainlink (LINK), and Aave (AAVE) have also experienced double-digit gains in the past week.
What is whale activity?
Whale activity refers to large transactions made by wealthy individuals or entities in the cryptocurrency market. These transactions are often closely followed by traders and analysts as they can indicate significant market movements and trends.