🚨🐳 Are Whales Moved in Arbitrum?
The price of the Arbitrum (ARB) token fell 56.90% in the last 90 days to $0.94. This decline could be an opportunity for some investors. Based on technical analysis and on-chain data, ARB could compensate for its future losses.
The mobility of the whales increases the rise expectations of the ARB. Whales are assets that have a large number of tokens and can affect the market. According to Santiment's data, addresses holding ARB 100 million to 1 billion have accumulated more tokens since June 5. The supply of these addresses increased from 27.19% to 34.40%. Whales taking 251.79 million Arbitrums on June 10 is seen as a sign that the price could rise.
In the past, ARB gave a purchase signal based on certain indicators. However, the expected rise did not occur because the timing was wrong at the time. This time, the situation may be different due to the concentration of large holders.
According to IntoTheBlock data, 88% of ARB holders are losing at the current price. Only 4% make a profit. 83% of holders hold a large amount of tokens. This means that prices may rise if the accumulation increases in whale addresses.
However, if a common sale is made at the same addresses, prices may increase significantly. With the increase in buying pressure, ARB may approach the resistance level it reached on May 21. The decline of the daily chart money flow index (MFI) indicates that buy and sell pressure should be monitored.
Points that investors should pay attention to:
Watch the whales' accumulation movements.
Focus on addresses that hold ARB 100 million or more.
Follow the money flow index (MFI).
Pay attention to the resistance level on May 21.
