Arbitrum Price Prediction as a Whale Accumulates 2.5 Mn ARB

Pathik Bhattacharya
Pathik Bhattacharya
Published on May 16, 2023 02:45 PM

While this investor's name and goals are unclear, their accumulating actions have prompted curiosity among market analysts.

Arbitrum Price Prediction as a Whale Accumulates 2.5 Mn ARB
Source: Unsplash

Arbitrum price prediction experienced a jolting withdrawal as the scalable Layer 2 Ethereum network, is observing an unusual pattern in which a certain "whale" or significant holder, identified as address "0x37bf," is amassing enormous sums of ARB tokens. This address was just formed four days ago and has since acquired a total of 2.5 million ARB tokens, valued at around $2.95 million.

This whale started by withdrawing 1.5 million ARB tokens (worth $1.76 million) from Binance at $1.07 per token. The same possessor withdrew another one million ARB tokens ($1.18 million) from Binance only 13 hours earlier. This accumulation's average purchase price is expected to be roughly $1.13 per token.

However, this whale accumulation doesn't seem to have any greater effect on the price as the average price during selling is lower than the current price at $1.18. Let's see how Arbitrum price predictions will behave after this enormous withdrawal of ARB tokens.

Arbitrum Price Prediction as Nitro v2 Upgrade has been Integrated on Mainnet

The Arbitrum network has achieved significant progress. The Nitro v2.0.14 update includes offline pruning and eth_sendRawTransactionConditional support, which improves the protocol's performance. Furthermore, Manta Network has collaborated with Arbitrum to launch Private Soul Bound Tokens (zkSBTs), which aim to improve on-chain privacy and identity management.

The Arbitrum DAO's financial position is particularly noteworthy, with income reaching around 3,352 ETH. Furthermore, the Sequencer has received a return of 5,954 ETH to cover the expenses of uploading data to the Ethereum network. The DAO has amassed a surplus fee of 1,462 ETH that is awaiting collection.

Another encouraging news is that Smilee Finance has received $2 million in early investment, demonstrating the rising interest in the Arbitrum ecosystem. Let's see how these new developments will help Arbitrum price predictions.

Arbitrum Price Prediction: Daily Chart

The Arbitrum 1-day price chart reveals that the token price is slowly and rapidly growing; it started at $1.20 today but later went down to $1.17 and is presently trading at $1.18 as of this writing. As a result of this substantial positive trend, the token's price grew by over three per cent in the last 24 hours and by 2.50 per cent in the previous seven days. The coin's trading volume has increased by more than 11 per cent in the last 24 hours, giving it a 0.13 per cent market domination.

The Bollinger bands presently have an average above the price level of $1.26, functioning as resistance to the token price function. The top band is visible at $1.47, while the bottom band is visible at $1.04, indicating high volatility.

Likewise, the relative strength index (RSI) is rising. The indicator, which is presently in the neutral zone, suggests increased purchase as the curve approaches the centre line at index 44.

arbitrum price chart

Source: TradingView


In conclusion, the token price has risen dramatically as it surges back towards $1.22, but the next few hours will determine whether it will break through the obstacle or stall. If ARB moves over this immediate barrier, the second tier of resistance appears at $1.24. Support is quite solid around $1.17, with the additional level at $1.10. Overall, the Arbitrum price prediction is positive.

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