📊 $ARB Bulls Aim Higher as Bears Block $1.06 in Volume-Driven Market
Arbitrum (ARB) has been volatile lately, but also shows some steady movement. Of note, is a wallet linked to the Arbitrum team that sent 20 million ARB tokens, worth $20.85 million, to Coinbase at an average price of $1.04.
Onchain Lens data shows that over the past year, this wallet moved a total of 250 million ARB tokens, worth $244.43 million, to the same exchange. ARB trades now at $1.05, down 1.26% over the last 24 hours. Let’s take a closer look at the price trends and market indicators.
💬 A wallet linked with the #Arbitrum team has deposit 20M ARB worth $20.85M, into #Coinbase at an average price of $1.04.Over the past year, the wallet has sent a total of 250M ARB, valued at $244.43M,into Coinbase. Wallet: 0xd6c8a4e72584f24bd5517afed6c01d21477c17f6 — Onchain Lens (@OnchainLens)
The ARB price chart shows both bullish and bearish movements. First, the price fell to $1.04, where it found support. Then the asset started to recover, reaching above $1.06.
But upward momentum stopped there, pushing the price back down to $1.04. This support level has been strong, with multiple rebounds.
🔸 Key Support and Resistance Levels for ARB
The $1.04 price point is key support. This level has provided a base for the price to stabilize and recover. On the other hand, the $1.06 mark is strong resistance. Every attempt to break this point has met big selling pressure, leading to price reversals.
🔸 ARB Market Dynamics and Trading Activity
Trading volume has gone up lately. The 24-hour volume jumped by 23.71%, hitting $1 billion. This shows strong participation and liquidity in ARB’s market.
Such volume spikes can often act as precursors to significant price movements, either upward or downward. Also, the Vol/Market Cap ratio of 23.54% suggests an active and engaged market.
🔸 Technical Indicators and Outlook
From a technical standpoint, the 1-day Relative Strength Index (RSI) sits at 59.26. This suggests that ARB is nearing overbought territory.