The post Arbitrum: Decoding what ARB needs to trigger a bull run appeared on BitcoinEthereumNews.com.

Whale accumulation and rising address activity suggest growing interest in ARB’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. Source: TradingView ARB address stats highlight growing interest Additionally, address activity points to increased user engagement. New addresses rose by 3.29% in the past seven days, while active addresses surged by 7.84%. These increases align with whale activity, suggesting heightened interest from both institutional and retail investors.  However, the 16.67% drop in zero-balance addresses indicates existing holders are retaining tokens, supporting the case for accumulation. Therefore, this trend could signal growing confidence in ARB’s long-term potential. Source: IntoTheBlock Liquidation data signals market imbalance Liquidation data shows $917.83k in long positions were liquidated, significantly outpacing the $69.54k in shorts. This highlights over-leveraged bullish sentiment.  Therefore, for ARB to avoid further downward pressure, it must surpass key resistance levels and sustain momentum. This imbalance underscores the need for traders to exercise caution in the short term. Source: Coinglass Funding rates…

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Filed under: News - @ December 20, 2024 5:27 am