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

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.

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

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.