ARB token is the native governance token for the Arbitrum blockchain, a layer-two scaling solution designed to improve the speed, scalability, and cost-efficiency of the Ethereum network
I - Onchain data from 52Hz Onchain (https://t.me/Onchain52Hz/5758) (in Vietnamese)
I translated the 52Hz Onchain's post from Vietnamese to English, with refinements and explanations of crypto market slangs. I will present text + images so we can view, quote and discuss more easily. I think this is better than sending a simple link.
Wintermute has transferred 17M ARB ~$31.8M to Binance.
(https://talkimg.com/images/2024/03/16/JRM0I.jpeg)
In the context of the market correction, it is unlikely that the tokens were transferred to CEX for a sell-off. In addition, more than 1.1B ARB tokens were unlocked today, most of which were paid to funds.
The transfer of a large amount of tokens to CEX by whales will make retail investors think that the whales will sell off and the price will dump immediately. However, Wintermute's style is to usually transfer tokens to CEX to pump.
Wintermute often uses this method to attract attention to create easier liquidity when exiting a holding position without affecting the price chart and the volume of tokens held by funds.
Every time we are fearful: remember the billions of dollars flowing into the crypto market through minted stablecoins from Tether & Circle are ready to buy the tokens we want to sell.
II - Technical analysis (Weekly chart)
ARB token price is in a reaccumulation zone around $2. The price chart is still above the Weekly EMA34 (Sonic R) but there has been a weakening in the uptrend as many light blue bars have appeared on the MACD Histogram. We are waiting for the support of the EMA34 at $1.35-1.65.
(https://www.tradingview.com/x/2ZqZsFNB/)
[1] Money Flow (https://scan.0xscope.com/moneyFlow/0xeae7380dd4cef6fbd1144f49e4d1e6964258a4f4?id=1769018628864241664&network=arb)