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.
