@hardeywumhi
Arbitrum (ARB) has seen a 5% price surge in 24 hours, driven by whale accumulation and rising network activity. Key points:
Whale Accumulation
1. 10M ARB tokens accumulated: Large addresses have accumulated 10M ARB tokens in the last two days.
2. Whale buying drives uptrend: Whale accumulation has coincided with recent gains, indicating that large buyers are driving the uptrend.
Network Activity
1. 121% surge in dApp volumes: Decentralized application (dApp) volumes on Arbitrum have risen by 121% in 24 hours.
2. Arbitrum flips Base in DEX volumes: Arbitrum has surpassed Base in decentralized exchange (DEX) volumes, with $1.26 billion in volumes.
Price Outlook
1. Descending triangle pattern: ARB is trading within a descending triangle pattern, indicating bearish trends.
2. Crucial support level: A dip below $0.68 could accelerate the downtrend.
3. Weakening bearish trend: The Average Directional Index (ADX) is dropping, indicating a weakening bearish trend.
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