Crypto Whale Receives 3.67M ARB From Two Exchanges Recently

Lookonchain, the blockchain tracking firm, tweeted this morning that a crypto whale received a substantial amount of Arbitrum (ARB). According to the tweet, a whale recently received approximately 3.67 million ARB, estimated to be worth $5.4 million, from Binance and Gate.io. The post added that the whale had received the ARB after the altcoin’s price rose to $1.48.

The altcoin’s price has retraced somewhat since then. At press time, CoinMarketCap shows that ARB is trading at $1.44 following a 4.48% increase over the last 24 hours. ARB was, however, able to outperform the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) by 1.60% and 2.08% respectively.

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

ARB’s price has successfully flipped the $1.3942 level into support in the last 12 hours. Furthermore, the altcoin’s price has also broken above the 9-and-20 EMA lines on ARB’s 4-hour chart. The next target on ARB’s radar is the resistance level at around $1.5175, which it already attempted to challenge yesterday.

Unfortunately, the challenge failed and caused ARB’s price to fall below the aforementioned $1.3942 level over the last 24 hours. However, it seems that ARB’s price currently has the support needed to break above $1.5175 in the next day or two.

Technical indicators on ARB’s 4-hour chart are flagging bullish at press time. A fresh bullish technical flag was triggered recently with the 9 EMA on ARB’s 4-hour chart crossing above the 20 EMA line. The RSI on ARB’s 4-hour chart is also flagging bullish with the RSI line sloped positively towards overbought territory.

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