An altcoin in the basket of Turks goes to Binance. So what does this move mean? It is also a matter of curiosity where the ARB will move, especially in the middle of the downward wave in the last days. Let’s look at it in detail.
Mobility in Altcoin ARB
In a recent tweet, Lookonchain stated that Andrew Kang pulled all of his altcoin ARB from Radiant Capital. The trader then sent 953k ARB to Binance. It may also be at risk of realizing a loss of $270k. ARB is down 1.27% in the last 24 hours at the time of writing. The price is trading at $0.9972. Blockchain tracking firm Lookonchain reported yesterday that Andrew Kang has repaid a loan at Radiant Capital. He also tweeted that he was pulling all ARB from the cross-chain lending platform. According to the post, he later sold 217,000 altcoins ARB for $210,000 USD Coins (USDC) at $0.97. He then deposited 953 thousand ARBs on Binance.
Lookonchain’s latest tweet about Andrew Kang follows a post from June 2, 2023. In this previous tweet, he noted that blockchain tracking firm Kang used leverage to enter a long-focused ARB position at Radiant Capital. His bet on altcoin ARB didn’t go as planned, given that he bought ARB for $1.2 on January 2, 2023, according to on-chain data. Lookonchain states that if it sells its ARB assets now, it will lose $270k.
What about ARB?
At the time of writing, CoinMarketCap stated that the meme coin was trading at $0.9972 after a 1.27% loss in the past 24 hours. Aside from weakening against the dollar, the ARB was also overtaken by the two market leaders Bitcoin (BTC) and Ethereum (ETH) in the last day. ARB is down 2.35% against BTC and 1.84% against the altcoin leader. As a result, 1 ARB was worth 0.00003862 BTC and 0.0005672 ETH.
Over the past 48 hours, the altcoin’s price has dipped below the key support level of $1.0436, where it continues to trade. Technical indicators on ARB’s daily chart showed that its price will close today’s trading session below this mark. The 9-day EMA line is bearish below the 20-day EMA. At the time of writing it was still positioned below the longer EMA line. This indicates that the price of altcoin ARB is in a short-term bearish cycle. It also points out that the price of ARB may continue to decline in the next 24-48 hours. cryptocoin.comLooking at it as a whole, the bearish trend in altcoin ARB also reflects the decline in the overall cryptocurrency market.
