- Whale accumulation and rising address activity suggest growing interest in ARB ($0.21)’s potential rally.
- Liquidations and cautious funding rates emphasize the importance of breaking key resistance levels.
Over the past week, whales have accumulated over 40 million Arbitrum [ARB] tokens, signaling growing interest from key market players. At press time, ARB was trading at $0.8442, reflecting a 9.73% daily decline.
This significant accumulation raises the question: can ARB capitalize on this interest and break through critical resistance levels to trigger a rally?
ARB technical analysis reveals key levels to watch
The price movement of ARB shows a crucial support zone around $0.8302, while resistance lies near $1.2409. Furthermore, Bollinger Bands (BB) indicate increasing volatility, with the price testing the lower band.
Meanwhile, the Relative Strength Index (RSI) sits at 41.56, signaling mild bearish momentum. However, if ARB holds the $0.8302 support and reclaims the $1.0179 level, a reversal could be on the horizon. Therefore, these levels remain essential for traders to watch closely.
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