Blockchain tracking platform Lookonchain claims that a crypto whale Arbitrum (ARB) detected. According to the tweet, the whale recently received an average of 3.67 million ARBs worth $5.4 million from Binance and Gate.io. It was noteworthy that the whale bought it after the altcoin price rose to $ 1.48.
ARB token The price has since corrected some. At the time of writing, the price of the token was trading at $1.44, up 4.48% over the past 24 hours. However, Arbitrum managed to outperform the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) by 1.60% and 2.08%, respectively.
The price of Arbitrum’s token has successfully turned the $1,3942 level to support in the past 12 hours. It also managed to break above the 9 and 20 EMA lines on the 4-hour chart. The next target for the ARB is the resistance level near $1,5175, which was tried yesterday.
The $1.5175 test failed yesterday and the price dropped to $1.3942 as a result. However, analysts see a high probability of Arbitrum price rising above $1,5175 in the coming days. The area with support levels in the technical outlook confirms this.
Technical indicators on Arbitrum’s 4-hour chart also remain positive. A new bullish technical flag was triggered recently when the 9 EMA on the ARB’s 4-hour chart broke above the 20 EMA line. The RSI on the ARB’s 4-hour chart is also bullish with the positively sloping RSI line towards the overbought zone.
You can follow the current price action here.