Arbitrum whales buy the dips

• 
  Arbitrum
  price
  moves
  inside
  a
  descending
  channel
  pattern,
  breakout
  could
  signal
  a
  bullish
  move.
• 
  On-chain
  data
  shows
  that
  a
  whale
  has
  accumulated
  2.38
  million
  ARB
  tokens
  worth
  $1.69
  million
  on
  Wednesday.
• 
  Santiment
  data
  shows
  the
  development
  activity
  is
  rising,
  signaling
  a
  bullish
  move.
• 
  A
  daily
  candlestick
  close
  below
  $0.564
  would
  invalidate
  the
  bullish
  thesis.

Arbitrum
(ARB)
trades
inside
a
descending
channel
pattern,
with
a
potential
breakout
poised
to
trigger
a
bullish
trend.
Recent
on-chain
data
indicates
accumulation
by
a
whale
on
Wednesday;
coupled
with
an
uptick
in
development
activity,
this
suggests
favorable
conditions
for
upcoming
bullish
movements.

Whales
buy
the
dips

According
to
Arkham
Intelligence,
a

wallet
(which
may
belong
to
Bitcoin
Suisse,
a
Swiss
crypto
pioneer
and
trusted
gateway
company)
bought
2.38
million
ARB
tokens
worth
$1.69
million
from
Binance.

Additionally,
this
wallet
bought
3.47
million
ARB
the
day
before,
worth
$2.44
million.

Wallet
Transactions

Arbitrum
price
shows
potential

Arbitrum
price
is
retesting
its
upper
band
on
the
descending
channel
pattern.
This
pattern
is
formed
by
joining
multiple
swing
high
and
low
levels
with
a
trendline.

If
ARB
breaks
above
the
descending
channel
pattern,
it
could
rally
20%
to
retest
its
daily
resistance
level
of
$0.855.
This
level
roughly
coincides
with
the
50-day
Exponential
Moving
Average
at
$0.882,
making
it
a
key
resistance
zone.

The
Relative
Strength
Index
(RSI)
and
the
Awesome
Oscillator
(AO)
on
the
daily
chart
are
below
their
respective
neutral
levels
of
50
and
zero.
For
bulls
to
sustain
momentum,
both
indicators
must
rise
above
these
critical
levels,
potentially
supporting
the
ongoing
recovery
rally.

ARB/USDT
daily
chart

Santiment’s
Development
Activity
metric
tracks
the
frequency
of
project
development
events
recorded
in
the
public
GitHub
repository
over
time.

A
rise
in
this
metric
suggests
continuous
endeavors
to
uphold,
innovate,
and
improve
the
protocol,
which
is
generally
seen
as
favorable
by
investors
and
stakeholders.
Conversely,
a
decline
in
the
metric
might
raise
apprehensions
about
the
project’s
endurance,
capacity
for
innovation,
and
engagement
with
the
community
in
the
foreseeable
future.

As
in
ARB’s
case,
the
index
is
rising
from
119
on
July
7
to
129
on
July
10.
The
8.5%
rise
in
ARB’s
Developing
Activity
could
be
a
bullish
development
for
the
ARB
protocol. 

ARB
Development
Activity
chart

Despite
strong
technical
analysis
and
on-chain
data,
if
ARB’s
daily
candlestick
closes
below
$0.564
and
establishes
a
lower
low
on
the
daily
timeframe,
it
may
signal
a
shift
in
market
dynamics
that
favors
bearish
sentiment.
Such
a
change
could
invalidate
the
bullish
outlook,
leading
to
a
14%
crash
in
the
Arbitrum
price
to
the
previous
low
of
$0.486
on
March
23,
2023.