The blockchain tracking firm, Lookonchain (@lookonchain), tweeted yesterday evening that the largest buyer of Arbitrum (ARB) on the first day of listing recently transferred all of his ARB to Binance. According to the tweet, the ARB whale transferred 9.94 million ARB, which was worth approximately $17 million, to Binance yesterday evening.
At press time, the altcoin’s price is down 1.15% according to CoinMarketCap. As a result, ARB’s price is currently trading at $1.63. This 24-hour loss has had a negligible effect on ARB’s weekly price performance, as ARB’s price remains in the green by more than 40% over the past 7 days.
In addition to weakening against the U.S. Dollar, the crypto also printed losses against Bitcoin (BTC) and Ethereum (ETH) over the last 24 hours. Currently, ARB is down 0.80% against BTC and 1.59% against ETH. ARB is a hot topic in the crypto space at press time as well, as the altcoin is currently in the number 1 position on CoinMarketCap’s trending list.
4-hour chart for ARB/USDT (Source: TradingView)
ARB’s price is resting on the $1.6051 support level at press time after dropping below the 9 EMA line on its 4-hour chart earlier today. Should ARB’s price close a 4-hour candle below this support level within the next 12-24 hours, then the next target for the altcoin’s price will be the 20 EMA on its 4-hour chart at around $1.5379.
Traders will want to keep an eye on the RSI indicator on ARB’s 4-hour chart for the next 24-48 hours. The RSI line is gradually descending into oversold territory and is currently trading below the RSI SMA line. This suggests that ARB’s price will continue to drop in the next 1-2 days.
On the other hand, if ARB’s price closes a 4-hour candle above $1.6547 within the next 24 hours then it may make a move towards the next resistance level at around $1.7306 in the next 24-48 hours.
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The post An Early Arbitrum (ARB) Investor May Dump Their Holdings Soon appeared first on Coin Edition.
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Source: Cryptocurrency - investing.com
