In a tweet earlier today, the on-chain analytics tool Lookonchain released new information about the accumulation trends for Arbitrum (ARB). According to the post, information indicates that businesses are aggressively acquiring alternative currency.
Lookonchain in particular noted that throughout the previous week, Offchain Labs, a software company, purchased 7.22 million ARB through several addresses. The collected ARB, which was purchased on Binance, was worth more than $7 million.
It is accurate to state that purchasers could opt to invest in lower-cap altcoins like ARB that weren’t classified as securities in the SEC’s most recent litigation. Even though it could be drawing the attention of institutional purchasers, CoinMarketCap reported that ARB was one of the cryptocurrencies that posted a loss heading into the new week.
The altcoin’s value was roughly $1.00 at the time of publication, down just 0.15% from the day before. As a result, ARB was trading closer to its daily high of $1.01 than its 24-hour low of $0.9847. ARB’s price decline also failed to bring the cryptocurrency’s weekly performance into the black because it was still up by 0.40% over the previous seven days.
ARB’s 24-hour trading volume, which stood at about $128 million at press time, had decreased by more than 30% during the course of the previous day. The price of ARB has decreased by more than 90% to trade at its current $1 level since reaching an all-time high of $11.80 in March of this year.
Earlier in today’s trading session, ARB’s price crossed above the 9-day EMA line; however, it has since reversed course and is currently trading below the technical indicator. If the altcoin’s price closes today’s daily trading session above the 9-day EMA line, it will likely try to turn the next important resistance level, $1.0488, into support over the course of the next 24-48 hours.
However, a daily close below the 9-day EMA line today might cause ARB’s value to tumble to the next major support level at $0.8807 within the next week. However, if the daily RSI line passed bullishly above the daily RSI SMA line over the past 24 hours, the bullish thesis may come true.