SNEAK PEEK
- ARB faces resistance at $1.34, hindering bullish momentum.
- Chaikin Money Flow shows buying pressure but is decreasing.
- MACD and RSI indicate a bearish trend; caution is advised.
Arbitrum (ARB) has been quite popular over the past day due to trades indicating high demand for the token. This is supported by the fact that a whale (institution) acquired 8.83 million ARB ($6.84 million) from Bybit and Binance, making it the 15th holder of ARB. At the same time, Justin Sun got a $6,981 airdrop of 5,250 ARB into Huobi.
A whale(institution) became the 15th $ARB holder after receiving a total of 6.84M $ARB ($8.83M) from #Bybit and #Binance.https://t.co/jFBmTJyz5s pic.twitter.com/8gsICH8QeP
— Lookonchain (@lookonchain) March 27, 2023
The increasing interest in ARB among investors and traders, as seen by the whale’s purchase of ARB tokens and Justin Sun’s transfer to Huobi, may result in anticipated growth in the token’s value. The market’s reaction to these events and whether or not ARB can maintain its upbeat pace are open questions.
The bullish momentum had been halted since buyers could not break through the $1.34 resistance level. When this was written, the bears had won, and ARB was trading at $1.26, down 0.39%.
The market cap decreased to $1,606,493,495 and the 24-hour trading volume decreased to $1,066,262,826 during the correction, a drop of 0.52% and 3.98%, respectively. This fall may cause more price changes in the medium term since it signals a drop in investor confidence and a possible shift in market sentiment.
Despite the adverse attitude, the Chaikin Money Flow indicator swings in the positive zone, indicating that there is still purchasing pressure in the market and that investors are still acquiring the asset despite the generally gloomy opinion.
Yet, its reading of 0.24 and its downward movement imply a drop in purchasing pressure and that the asset may undergo a negative trend in the near future.
The MACD line is aligned with its signal line, and they are both moving in the negative region with the same reading of -0.02 on the 2-hour price chart. This move indicates that the bearish momentum may continue in the short term, and traders should consider selling or deferring buying until there is a clear reversal signal.
Because the Relative Strength Index is also moving below its signal line, with a reading of 43.66, this confirms the market’s bearish sentiment and suggests that selling pressure may persist, requiring traders to exercise caution and wait for a potentially bullish signal before entering any long positions.
In conclusion, ARB’s recent price decline and bearish indicators call for cautious trading, but positive indicators suggest the potential for future growth.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions
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- Source: https://investorbites.com/arbitrum-arb-price-analysis-27-3/
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