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ARB Bulls Aim Higher as Bears Block $1.06 in Volume-Driven Market

ARB Bulls Aim Higher as Bears Block $1.06 in Volume-Driven Market

CoinEditionCoinEdition2024/12/12 16:00
By:Maxwell Mutuma

ARB shows key support at $1.04, with resistance at $1.06 hindering upward momentum. Increased 24-hour trading volume suggests active market participation and volatility. RSI nearing overbought levels and MACD signals potential short-term downward pressure.

  • ARB shows key support at $1.04, with resistance at $1.06 hindering upward momentum.
  • Increased 24-hour trading volume suggests active market participation and volatility.
  • RSI nearing overbought levels and MACD signals potential short-term downward pressure.

Arbitrum (ARB) has been volatile lately, but also shows some steady movement. Of note, is a wallet linked to the Arbitrum team that sent 20 million ARB tokens, worth $20.85 million, to Coinbase at an average price of $1.04. 

Onchain Lens data shows that over the past year, this wallet moved a total of 250 million ARB tokens, worth $244.43 million, to the same exchange. ARB trades now at $1.05 , down 1.26% over the last 24 hours. Let’s take a closer look at the price trends and market indicators.

The ARB price chart shows both bullish and bearish movements. First, the price fell to $1.04 , where it found support. Then the asset started to recover, reaching above $1.06.

But upward momentum stopped there, pushing the price back down to $1.04. This support level has been strong, with multiple rebounds.

Key Support and Resistance Levels for ARB

The $1.04 price point is key support. This level has provided a base for the price to stabilize and recover. On the other hand, the $1.06 mark is strong resistance. Every attempt to break this point has met big selling pressure, leading to price reversals.

ARB Market Dynamics and Trading Activity

Trading volume has gone up lately. The 24-hour volume jumped by 23.71%, hitting $1 billion. This shows strong participation and liquidity in ARB’s market.

ARB Bulls Aim Higher as Bears Block $1.06 in Volume-Driven Market image 0 ARB Bulls Aim Higher as Bears Block $1.06 in Volume-Driven Market image 1 Source: Coinmarketcap

Such volume spikes can often act as precursors to significant price movements, either upward or downward. Also, the Vol/Market Cap ratio of 23.54% suggests an active and engaged market.

Technical Indicators and Outlook

ARB Bulls Aim Higher as Bears Block $1.06 in Volume-Driven Market image 2 ARB Bulls Aim Higher as Bears Block $1.06 in Volume-Driven Market image 3 ARB/USD 1-day price chart, Source: Trading view

From a technical standpoint, the 1-day Relative Strength Index (RSI) sits at 59.26. This suggests that ARB is nearing overbought territory, though it has not reached critical levels. 

Meanwhile, the 1-day Moving Average Convergence Divergence (MACD) indicator shows bearish tendencies. With the MACD trading below its signal line, short-term downward pressure may continue.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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