How Long Does It Take for ARB to Recover

How Long Does It Take for ARB to Recover

Here is the latest update⁤ on ARB price and market trends:

In the ‌last 24 hours, a single company sold almost 1 million ARB.
In recent days there has​ been a decrease in the ‌amount of money in banks.
Arbitrage [ARB] Recently, the price of the product has‌ decreased after trying to reach a new level.
This​ decline is partly due to increased selling pressure in recent days.

Arbitrage falls below $2
AskFX examined the Arbitrum chart ⁣daily and noticed a significant decline in the last⁤ few days. This was particularly ‌significant as there had been previous attempts to trigger an uptrend.
ARB prices fell by‌ 8.78% between February 20th and 21st. They were no longer in the $2 range.
ARB was⁢ trading at around $1.88 at ⁣the time of writing.

Volume analysis of the chart showed ‍that⁢ selling ⁣volume was predominant during⁤ the two days when the volume trend decreased.
The short moving average, which was previously a‍ support line, now represents a resistance level around $1.9-$2.
ARB’s Relative Strength Index also suggested a‍ bearish trend. The RSI was below neutral at⁤ the time of writing, indicating a weak downtrend.

Sell-offs contribute to price drop
According to Spot ‌on Chain, ‌Arbitrum’s recent price drop could be related⁣ to ⁤a major sell-off in Convex Finance.
Convex sold 901,392 tokens ‍worth $1.63 million in the last 24 hours. The average ‍price per ARB token is $1.8.
Convex received ⁢ARB via⁣ airdrop in⁤ April 2023. The value was around $1.2 million. Convex ‍made a profit of⁢ over $400,000 in recent​ sales.

ARB interest rate drop
AskFX’s analysis of the Arbitrum derivative showed that ARB was not a very popular product at press time.
Coinglass open interest showed a decline in funds. At the ​time of writing, the figure ⁤was around $254 million.
The‌ financing rate ‌was around 0.014% at the time of writing, suggesting that buyers remained in control, albeit with ‍a less aggressive approach.

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