The post Can ARB Overcome Resistance and Spark a Rally Amid Whale Activity and Address Growth? appeared on BitcoinEthereumNews.com.

The recent surge in whale activity and heightened address engagement signal pivotal changes in the trajectory of Arbitrum (ARB). Market participants are closely observing critical resistance levels that ARB must overcome to capitalize on current bullish sentiments. “Whale accumulation and increasing address activity indicate a promising rally could be on the horizon,” states a COINOTAG source. This article analyzes the recent developments in Arbitrum (ARB), focusing on whale activity, technical analysis, and market dynamics critical for traders. ARB technical analysis reveals key levels to watch The price trajectory of ARB is currently testing important levels, with support identified around $0.8302 and resistance significantly at $1.2409. Additionally, the Bollinger Bands indicate an uptick in volatility, suggesting traders should prepare for potential price movements. At present, the Relative Strength Index (RSI) shows a value of 41.56, hinting at a slightly bearish momentum. Holding the support at $0.8302 while reclaiming the $1.0179 threshold could pave the way for a bullish reversal. Consequently, these fluctuations should be monitored keenly to gauge ARB’s market behavior. Source: TradingView ARB address stats highlight growing interest The sustained increase in ARB’s address activity reflects an upward trend in user engagement. Recently reported statistics show a 3.29% increase in new addresses and a 7.84% rise in active addresses over the past week. These statistics align with the whale activity observed, pointing to a rising interest among both retail and institutional investors. Interestingly, the 16.67% decline in zero-balance addresses indicates that current holders are holding on to their tokens, which may denote confidence in ARB’s potential for future appreciation. Source: IntoTheBlock Liquidation data signals market imbalance Analysis of recent liquidation data reveals a substantial imbalance in market positions, with approximately $917.83k in long positions liquidated, overshadowing the $69.54k in shorts. This indicates that many traders are over-leveraging their positions due…

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Filed under: News - @ December 20, 2024 5:16 am