90M+ ARB Was Airdropped to 131 Addresses Yesterday: Recent Data

Lookonchain shared in a tweet yesterday that Arbitrum (ARB) air dropped approximately 90.15 million ARB yesterday. It is estimated that the total USD amount for the airdrop is $118 million as per ARB’s price at the time of the airdrop. In the tweet, the blockchain tracking firm shared that these ARB tokens were airdropped to 131 DAO addresses.

Ranked number 35 in terms of market cap, ARB printed a 24-hour gain of 4.70% against the US Dollar according to CoinMarketCap. In addition to strengthening against the Dollar, ARB also strengthened against the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) by 1.16% and 2.65% respectively. As a result, ARB is currently trading at around $1.37.

4-hour chart for ARB/USDT (Source: TradingView)

ARB’s price has recovered above the 9 and 20 EMA lines on the altcoin’s 4-hour chart, as at press time. Currently, the crypto’s price is attempting to challenge the key resistance level at around $1.4038. A break above this level will clear a path for the crypto’s price to rise to the next resistance level at $1.47.

The RSI indicator on ARB’s 4-hour chart suggests that ARB’s price will continue to climb in the next 24 hours. Currently, the RSI line on the 4-hour chart is sloped positively towards overbought territory. Adding further credence to this short-term bullish thesis is the fact that the RSI line is also positioned above the RSI SMA line.

If ARB’s price fails to close today above the 9 EMA line on the 4-hour chart, then ARB’s price could pull back to $1.3088. Traders should note that the US Durable Goods Orders MoM data is being released later today. This economic data may have a negative impact on ARB’s price if the outcome is worse than expected – forcing ARB’s price to fall below the fragile 9 EMA support.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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