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Arbitrum (ARB) price experienced a surge following the reappearance of a well-known DeFi whale address in the market, leading to significant market movements. Andrew Kang, a renowned trader and co-founder of Mechanism Capital, began purchasing Arbitrum on June 2. He significantly increased his holdings of ARB, which positively impacted the coin’s price.
This positive effect instills confidence in ARB, especially after a challenging market period where its value dropped by approximately 29% just a few days before the whale address’s activity. On June 2, the price of ARB witnessed a substantial increase of 9%, reaching a peak of $1.25. Furthermore, the approval by the United States Senate to extend the debt limit also contributed to the rise in the price of Arbitrum, as well as other leading cryptocurrencies.
Andrew Kang’s Stance on Arbitrum
Andrew Kang made a significant contribution of $1 million to Arbitrum, demonstrating the increasing interest of investors in the platform and its growth potential. A portion of this investment, specifically 20%, wss set aside to purchase the native coin of Radiant Capital, RDNT. According to a tweet by Lookonchain, Andrew Kang utilized all of his RDNT holdings to acquire an additional 723,311 ARB coins at $1.2 per token.
Andrew Kang finally decided to buy $ARB.
He exchanged all $RDNT he bought 4 hrs ago for $ARB, and bought a total of 723,311$ARB ($867K) at an average price of $1.2.
Then he deposited all $ARB into @RDNTCapital.https://t.co/b7IJyEBazf pic.twitter.com/HNkHUOebGX
— Lookonchain (@lookonchain) June 2, 2023
Furthermore, LookonChain shared on Twitter that Andrew transferred funds to Radiant Capital to borrow USDC. It appears that Andrew Kang took a long position and used RDNT Capital to leverage his position on ARB. By purchasing ARB, depositing it, and then borrowing Cirlce’s USD Coin (USDC) to acquire more ARB, Andrew Kang demonstrated his strong belief in the future price surge of ARB.
Seems like Andrew Kang is using leverage to go long $ARB on @RDNTCapital.
Buy $ARB → Deposit $ARB → Borrow $USDC → Buy $ARBhttps://t.co/PQwi0Zj9TT pic.twitter.com/afXjeRtTpv
— Lookonchain (@lookonchain) June 2, 2023
Rise of Arbitrum is Under Question
Another prominent whale, identified as 0xf59b, has also seized the opportunity presented by ARB’s success. According to LookonChain’s tweet, this whale made a substantial contribution of $1.2 million to Arbitrum, equating to $1.5 million worth of ARB. This indicates that the unidentified whale eagerly awaited a price surge to maximize their gains.
Whale”0xf59b” finally waited for the rise of $ARB and deposited 1.2M $ARB ($1.5M) into #OKX 30 minutes ago.
He withdrew 1.2M $ARB from #OKX on May 8th, and the buying price may be around $1.2.https://t.co/cJReZfg007 pic.twitter.com/jFwBRtPUpK
— Lookonchain (@lookonchain) June 2, 2023
However, it is important to consider that if the demand for ARB diminishes in the coming days, a potential pullback becomes more likely. Notably, the technical setup on the daily chart of the token also supports this possibility.
ARB Daily Price Analysis
ARB has displayed a striking pattern resembling a bear flag, as shown by the price settling between two parallel trendlines with an upward slope after a major downward move. The conventional analysis states that a bear flag usually ends when the price crosses below the lower trendline, perhaps leading to a decline equal to the height of the previous downturn.
A collapse towards $0.95 in June, or a drop of almost 15.5% from its current price levels, is conceivable if ARB can break below the lower trendline of the bear flag pattern.
However, it’s crucial to keep in mind that the bearish scenario may be invalidated if ARB exhibits a clear and major breach above the upper trendline of the bear flag. In this scenario, the price of the Arbitrum token might be able to increase toward the $1.35 barrier level, which was seen between March and May 2023.
ARB on #4 at hot pairs on DexTool
Despite experiencing a decline throughout the day, the ARB token of Arbitrum remained a popular choice and trended at #4 on DexTools.
Since its introduction in 2018, ARB has emerged as one of the most significant Layer Two solutions in cryptocurrency. The ARB coin is anticipated to continue its strong performance in the future, with its growth potentially propelling it to the top spot in the Hot Pairs ranking on DexTools.
Arbitrum excels in reducing Ethereum fees and stands out for its ability to expedite transaction processing. ARB is poised to gain even more popularity with its advanced technology and integration with Ethereum (ETH), which allows developers to leverage its Layer 2 (L2) scaling solution.
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