Whales Amass $40M In Arbitrum Crypto As Price Drops 21.75%
The post Whales Amass $40M In Arbitrum Crypto As Price Drops 21.75% appeared on BitcoinEthereumNews.com.
Over the past 24 hours, Arbitrum (ARB) crypto has slumped 13.27% to $0.8146, and during the past week the cryptocurrency is down 21.75%. Despite this bearish trend, whales have accumulated over $40 million in ARB tokens in the past week, signaling potential long-term confidence in the project. The surge in trading activity, however, comes with the increase in trading volume, which peaked at 24 hrs at 975.682 million as interest also spiked during the downturn. In the past week, the token has seen volatility and traded within a 24 hour range of $0.8125 to $0.9488 and a 7 day range of $0.8349 to $1.07. Technical indicator also show the bearish sentiment as price is trading below an 9-day and 26-day EMAs, signaling making further downward movement. Technical Indicators Show Continued Downtrend For Arbitrum Crypto On the technical side, the RSI is at 39.40, which tells us we have bearish momentum, but is not in oversold territory. – Advertisement – That means that even more downside is still in store before buyers return to the market. Red bars are becoming even higher on the MACD histogram, which means that Arbitrum (ARB) crypto has accelerated in the bearish momentum. Source: TradingView Trading volumes also confirm the downtrend, with sellers dominating market activity. High sell volume, alongside the bearish EMA crossover, signals reduced confidence in short-term price recovery. Address Activity and Ecosystem Data On-chain data from IntoTheBlock shows mixed signals regarding ARB’s ecosystem activity. As of December 18, 2024, there were 562 total addresses, including 157 new addresses and 330 active addresses, while 75 addresses held zero balances. Source: IntoTheBlock This data shows a modest increase in user engagement, with new addresses rising by +3.29% and active addresses up by +7.84% in the last seven days. Meanwhile, zero-balance addresses declined by -16.67%, suggesting…
Filed under: News - @ December 20, 2024 10:23 am