$ARB price booked a 10% rally as a popular DeFi whale started purchasing the token again, but should traders expect price continuation?
Investors deposit tokens to crypto exchanges typically for selling. That raises ARB’s pullback possibilities in the coming days if its demand drops. Interestingly, the token’s technical setup on the daily chart suggests the same.Notably, ARB has printed what appears to be a bear flag, confirmed by the price consolidating between two rising, parallel trendlines, after a strong move downward.
Conversely, a decisive breakout above the flag’s upper trendline will likely invalidate the bearish outlook, setting the Arbitrum token on the course toward $1.35, a resistance level from the March to May 2023 session.
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