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ARB to $1.5 again – Whales could have their say, but it depends on…
As the cryptocurrency market continues to fluctuate, many are left wondering what lies ahead for ARB. A recent analysis suggests that the asset may potentially reach $1.5 once again. However, a closer examination of the data reveals that this outcome is contingent upon several factors.
ARB’s recent performance has been marked by significant losses, with the altcoin dropping by 14.28% in just a month. This downward trend shows no signs of abating, with the price continuing to decline over the past week and last 24 hours as well. Despite this pessimistic outlook, there is still hope for ARB investors.
According to analysts at AMBCrypto, a bullish cup and handle pattern has formed on the chart, indicating that an upward movement may be imminent. This development could potentially lead to significant gains, with some experts suggesting that the price of ARB may reach $1.5 once the demand zone is reached.
To achieve this level, ARB must first drop further before rebounding. The altcoin will likely need to test a support level between $0.74 and $0.659 in order to reposition itself for another push forward. If successful, this could lead to a rally that may be fueled by whales taking control of the market.
The whale-to-bear ratio has shown 39 bulls and 49 bears, indicating a bearish sentiment among these large-scale investors. This means that their participation will play a crucial role in determining ARB’s future trajectory. If they decide to support the altcoin, it may be able to reach new heights.
In related news, data from Coinglass suggests that derivative traders have begun entering the market with long positions. This could further strengthen the bullish sentiment surrounding ARB and contribute to its upward momentum.
As the dust settles on this situation, one thing becomes clear: only time will tell what the future holds for ARB.
Source: ambcrypto.com
