Opportunity Arises as Arbitrum (ARB) Dips Below $1
Arbitrum (ARB) recently saw its price drop below $1, presenting a potential opportunity that has not been available for some time. Currently trading at $0.94, the token has seen a significant 56.90% decrease in the past 90 days. However, there are promising indicators from on-chain data and a technical perspective that suggest ARB may recover some of these losses soon.
🐋 Whales Are Buying Arbitrum Again
- Whales, entities or individuals with large token holdings, have been accumulating Arbitrum tokens.
- Addresses holding 100 million to 1 billion ARB have seen increased accumulation since June 5.
- On June 10, whales purchased 251.79 million Arbitrum tokens, signaling a potential price movement upwards.
ARB Price Prediction: A Rebound on the Horizon
The Money Flow Index (MFI) on the daily chart for ARB is at 12.69, indicating that the token is oversold. This suggests a potential rebound in price from the current support level of $0.94 to the resistance level around $1.12. The Relative Strength Index (RSI) also aligns with this prediction, showing a reading of 33.21 that indicates ARB is in the oversold region.
Impact of Ethereum and External Factors on ARB
- ARB’s price is closely tied to Ethereum (ETH) due to Arbitrum’s operation on the Ethereum blockchain.
- ETH’s price movement can influence ARB’s price, with a rise in ETH potentially leading to a similar increase in ARB.
- Conversely, a decrease in ETH’s value could result in ARB facing downward pressure.
Hot Take: Stay Alert for ARB’s Potential Rebound
As ARB shows signs of being oversold and whales continue to accumulate tokens, there is a possibility of a price rebound in the near future. Keep an eye on key resistance levels and external factors like Ethereum’s performance, as they can greatly impact ARB’s price movement.
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