![Arbitrum Retests Support After Rally; Analyst Suggests ARB To Likely Hit This Price Level](https://captainaltcoin.com/wp-content/uploads/2023/09/image-436.png)
Arbitrum (ARB), the cryptocurrency powering the Arbitrum network, a prominent layer-2 scaling solution for Ethereum, has experienced a substantial price drop of 11% in the past 12 hours. This decline coincides with a market downturn and a significant token unlock event.
According to data shared by Spot On Chain, a popular on-chain analytics platform, six wallets that recently received ARB tokens from vesting contracts have deposited a staggering 8.95 million ARB tokens, valued at approximately $16.4 million, to the cryptocurrency exchange Binance. Notably, these wallets still hold a collective 32.95 million ARB tokens, worth around $56.7 million, raising concerns that they may continue offloading their holdings, potentially exerting further downward pressure on the token’s price.
![](https://captainaltcoin.com/wp-content/uploads/2024/03/image-746-1024x627.png)
Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Technical Analysis: Further examination of the technical indicators reveals that the ARB price has broken below the crucial support level of $1.67. A daily close below this level could potentially trigger a continuation of the downtrend, with the next support levels projected at $1.46 and $1.25. If these levels are breached, the percentage decline from the current price could reach substantial levels.
![](https://captainaltcoin.com/wp-content/uploads/2024/03/image-747-1024x464.png)
The Relative Strength Index (RSI), a momentum indicator used to evaluate the strength or weakness of an asset’s price movement, is currently hovering around 33, approaching oversold territory. An oversold condition often signals that the selling pressure may be reaching exhaustion and could potentially lead to a price rebound.
However, it is important to note that the current bearish sentiment, exacerbated by the recent token unlock event and the broader market downturn, could continue to weigh on the ARB price in the short term.
You may also be interested in:
- Grayscale Prepares for a Bitcoin Sell-Off, But Should This Worry Us?
- Ripple’s XRP Could Soon Soar to $1 According to This Analyst’s Charts
- Worldwide Crypto Magnetism Intensifies as Avalanche (AVAX) & Tether (USDT) Adopt Raffle Coin (RAFF) Presale for Anticipated 100X Upswing
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.