A major player in the Arbitrum (ARB) market has transferred all of their holdings to Binance, according to a tweet from blockchain tracking firm Lookonchain. The transfer included 9.94 million ARB, worth around $17 million at the time of the transfer. Though ARB’s price is currently down 1.15%, the coin has seen a 40% increase in price over the past week. Despite this, ARB has also seen losses against Bitcoin and Ethereum in the last 24 hours.
At present, ARB’s price is resting on the $1.6051 support level, having previously dropped below the 9 EMA line on its 4-hour chart. Should the coin’s price close a 4-hour candle below this support level in the next day or so, the next target for ARB’s price will be the 20 EMA on its 4-hour chart, at around $1.5379. Traders should keep an eye on the RSI indicator on ARB’s 4-hour chart, which is gradually descending into oversold territory.
If ARB’s price manages to close a 4-hour candle above $1.6547 within the next day, it may make a move toward the next resistance level at around $1.7306 in the next 24-48 hours. However, readers should note that the views and opinions expressed in this analysis are published in good faith, and readers should do their own research and due diligence before making any investment decisions. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.