Crypto Whale Receives 3.67M ARB From Two Exchanges Recently

  • The post added that the whale received the transfers after ARB reached $1.48.
  • Technicals on ARB’s 4-hour chart suggest that the altcoin’s price will continue to rise in the next 24 hours.

Lookonchain, the blockchain tracking firm, tweeted this morning that a crypto whale received a substantial amount of Arbitrum (ARB). According to the tweet, a whale recently received approximately 3.67 million ARB, estimated to be worth $5.4 million, from Binance and The post added that the whale had received the ARB after the altcoin’s price rose to $1.48.

The altcoin’s price has retraced somewhat since then. At press time, CoinMarketCap shows that ARB is trading at $1.44 following a 4.48% increase over the last 24 hours. ARB was, however, able to outperform the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) by 1.60% and 2.08% respectively.

4-hour chart for ARB/USDT (Source: TradingView)

ARB’s price has successfully flipped the $1.3942 level into support in the last 12 hours. Furthermore, the altcoin’s price has also broken above the 9-and-20 EMA lines on ARB’s 4-hour chart. The next target on ARB’s radar is the resistance level at around $1.5175, which it already attempted to challenge yesterday.

Unfortunately, the challenge failed and caused ARB’s price to fall below the aforementioned $1.3942 level over the last 24 hours. However, it seems that ARB’s price currently has the support needed to break above $1.5175 in the next day or two.

Technical indicators on ARB’s 4-hour chart are flagging bullish at press time. A fresh bullish technical flag was triggered recently with the 9 EMA on ARB’s 4-hour chart crossing above the 20 EMA line. The RSI on ARB’s 4-hour chart is also flagging bullish with the RSI line sloped positively towards overbought territory.

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.

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