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  • BTC Dominance: 50.46%

Arbitrum among top gainers with 9%: Here’s the ARB price outlook

Published: Friday, 22nd September, 2023 - 18:11
  • Arbitrum (ARB) price rose 9% this past week, trading to above $0.86.
  • Meanwhile, Toncoin (TON), Chainlink (LINK) and Aave (AAVE) saw double digit gains.
  • What next for ARB?

Arbitrum (ARB) is trading higher over the 24-hour timeframe, holding off bears around $0.84 with nearly 3% upside. Over the week, the cryptocurrency’s value is up 9%. That makes ARB among the top gainers this past week, with Toncoin (TON), Chainlink (LINK), ImmutableX (IMX) and Aave (AAVE) posting double digit gains to lead the top 50 coins by market cap. 

With Bitcoin looking to reclaim some joy above $26,600 and most altcoins showing resilience, could ARB break higher to target $1.00? Data shows the altcoin last traded at the psychological level on August 23.

Whale activity and recent ARB price

Arbitrum’s native token slipped to $0.74 on September 11, mirroring the broader market performance that also had Bitcoin sliding to below $25k. A nice uptick for ARB/USD had buyers poised at $0.90 on September 19 before widespread weakness had them revisit support around $0.80.

The positive outlook shows amid the latest bullish signals from whale activity and the crowd. According to data shared by on-chain analytics platform Lookonchain, one whale pointed to this perspective on Thursday with a 1.15 million ARB transfer from Binance. The value of the transaction was $952,000 at the time.

This whale lost money on $ARB but seems still very bullish on $ARB, withdrawing 1.15M $ARB ($952K) again from #Binance in the past 2 days. The whale was long $ARB on #Aave on July 23, and as the price of $ARB decreased, he had to sell $ARB at a loss to pay off debt on Sept 11,” Lookonchain posted on X.

If ARB breaks past the channel’s middle line (also where a key horizontal support-turned resistance line resides), at $0.87, bulls might target the supply zone above September highs. A demand reload zone could be around $0.74.

This post first appeared on: Coinjournal

Author: Benson Toti
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