Arbitrum (ARB) is one of the top gainers in the crypto market this past week, with its value rising 9%. Meanwhile, Toncoin (TON), Chainlink (LINK), ImmutableX (IMX) and Aave (AAVE) saw double digit gains. So, what’s next for ARB?
At the moment, ARB is trading higher over the 24-hour timeframe, holding off bears around $0.84 with nearly 3% upside. On September 11, the token slipped to $0.74, matching the market-wide downturn that had Bitcoin going below $25k. However, buyers have since pushed ARB/USD to $0.90, with the current price sitting below the middle band of a rising channel on the 4-hour chart.
Whale activity and other bullish signals point to a positive outlook for ARB. On Thursday, a 1.15 million ARB transfer from Binance was observed, valued at $952,000 at the time. This could be a sign that the whale is still very bullish on ARB, despite a recent loss on the token.
If ARB breaks past the channel’s middle line at $0.87, bulls may target the supply zone above September highs. The 20-day EMA and the 4-hour RSI suggest further resilience, as they both hold above the 50 mark. In case of a downturn, a demand reload zone could be around $0.74.
