Lookonchain highlighted in their latest tweet that institutions are actively accumulating ARB.
OffChain Labs accumulated 7.22 million ARB from Binance over the past week.
At press time, the altcoin was changing hands at around $1 after a slight 0.15% decrease.
The on-chain analytics platform, Lookonchain, shared new data about the accumulation trends for Arbitrum (ARB) in a tweet earlier today. According to the post, data suggests that institutions are actively accumulating the altcoin.
Lookonchain specifically pointed out the fact that the software company, Offchain Labs, has purchased 7.22 million ARB through multiple addresses over the past week. The accumulated ARB was worth more than $7 million and was purchased on Binance.
It is fair to say that investors might look to invest in smaller cap altcoins that were not labelled as securities in the SEC’s latest lawsuits, such as ARB. Meanwhile, CoinMarketCap indicated that ARB was one of the many cryptocurrencies that printed a loss heading into the new week, despite the fact that it could be catching institutional investors’ eyes.
At press time, the altcoin was worth about $1.00 after a slight 0.15% price drop over the past day. Consequently, ARB was trading closer to its daily high of $1.01 than its 24-hour low of $0.9847. ARB’s price drop also failed to drag the crypto’s weekly performance into the red as it was still up by 0.40% over the past seven days.
Meanwhile, ARB’s 24-hour trading volume suffered a loss of more than 30% throughout the past day, leaving it standing at around $128 million at press time. Since reaching its all-time high of $11.80 in March of this year, the price of ARB has dropped more than 90% to trade at its current $1 level.
Daily chart for ARB/USDT (Source: TradingView)
ARB’s price had broken above the 9-day EMA line earlier in today’s trading session, but has since retraced to trade back below the technical indicator at press time. Should the altcoin’s price close today’s daily trading session above the 9-day EMA line, it will look to flip the next key resistance level at $1.0488 into support in the following 24-48 hours.
On the other hand, a daily close below the 9-day EMA line today may lead to ARB’s price dropping to the next major support level at $0.8807 in the following week. The bullish thesis may, however, play out given that the daily RSI line crossed bullishly above the daily RSI SMA line over the past 24 hours.
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