ARB Bulls Head Higher As Bears Block $1.06 In Volume-Driven Market

Arbitrum (ARB) quotes have been volatile lately, but have also shown steady movement. Of note is a wallet associated with the Arbitrum team that sent 20 million ARB tokens worth $20.85 million to Coinbase at an average price of $1.04.

Data from Onchain Lens shows that this wallet has moved a total of 250 million ARB tokens worth $244.43 million to the same exchange over the past year. ARB shares are currently trading at $1.05, down 1.26% in the last 24 hours. Let’s take a closer look at price trends and market performance.

The ARB price chart shows both bullish and bearish movements. The price first fell to $1.04, where it found support. The asset then began to recover, reaching levels above $1.06.

But the upward momentum stopped there, causing the price to fall again to $1.04. This support level was strong, with numerous bounces.

Key support and resistance levels for ARB

The price of $1.04 is a key support. This level provided the basis for price stabilization and recovery. On the other hand, the $1.06 mark is a strong resistance. Each attempt to break through this point was met with strong pressure from sellers, which led to a price reversal.

Market dynamics and ARB trading activity

Trading volume has increased recently. 24-hour volume jumped 23.71% to reach $1 billion, indicating strong participation and liquidity in the ARB market.

Such volume spikes can often act as precursors to significant price movements, both up and down. Additionally, the Vol/Market Cap ratio of 23.54% suggests an active and engaged market.

Technical indicators and forecast

From a technical perspective, the one-day Relative Strength Index (RSI) stands at 59.26. This suggests that ARB is close to the overbought zone, although it has not reached critical levels.

Meanwhile, the 1-day moving average convergence divergence (MACD) indicator is bearish. With the MACD trading below its signal line, short-term downward pressure may continue.