- Arbitrum hits a new all-time low.
- Arbitrum coming token unlock as balance in addresses grows.
As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I must admit that the current state of Arbitrum [ARB] is intriguing. Having witnessed numerous bull and bear markets, I’ve learned to read between the lines and interpret the signs.
On the 23rd of March, 2023, Arbitrum [ARB] made its debut on several major trading platforms, priced approximately at $0.50 per unit.
In the beginning of 2024, ARB reached a record peak, but later fell beneath its initial cost, creating a possible ‘double bottom’ pattern on the daily chart.
So far, the double bottom formation in ARB hasn’t signaled a reversal because it hasn’t surpassed its intermediate-term peak.
Even so, numerous analysts are optimistic that ARB might have hit its lowest point, particularly considering the tendency of the fourth quarter to be bullish in the cryptocurrency market.
In simpler terms, the MACD (Moving Average Convergence Divergence) is now showing positive signs, which increases the expectation that the price might soon rebound.
Total addresses with balance growing
Regarding blockchain data, it’s worth noting that more users are now holding Arbitrum’s native token (ARB) compared to when it first launched, even though the token’s price has generally decreased over time.
The rise in usage underscores the ongoing acceptance of Arbitrum’s two-layer system on the Ethereum network, designed to enhance efficiency and lower transaction expenses.
The governing entity of Arbitrum network, known as the Arbitrum DAO, is considered a major advancement, representing the initial stage of decentralization for an Ethereum Virtual Machine (EVM) rollup. This significant step strengthens the project’s reputation within the cryptocurrency industry.
Arbitrum liquidation levels
The price fluctuations for ARB are being affected by the levels of liquidation. At present, there are 31 significant long liquidation points compared to 32 short liquidation points, implying that the current market mood remains relatively neutral.
In simpler terms, the balance between many prolonged trades and brief ones indicates that traders are uncertain about ARB‘s future actions, yet a sense of optimism is gradually emerging.
The general feeling, or sentiment, about the market is neutral because most cryptocurrencies are experiencing a downturn. As a result, many investors are selling off their holdings.
Upcoming ARB token unlock this month
Over the course of the next five days, Arbitrum plans to release around 2.65% of its existing token pool. That amounts to roughly 92 million ARB tokens. These tokens are intended for distribution among team members, potential future collaborators, and investors.
These events can affect short-term price movements. It’s important to view them within Arbitrum’s long-term fundamentals. Market sentiment will also play a key role in price changes.
Realistic or not, here’s ARB’s market cap in BTC’s terms
At the moment, ARB‘s current price is $0.51, and its total market value amounts to $1.8 billion. This implies potential growth for ARB if the broader cryptocurrency market experiences a recovery.
Keeping a close eye on ARB‘s technical indicators and blockchain activity, investors anticipate that the token could see a substantial price increase if market circumstances become favorable. An optimistic cryptocurrency market in the upcoming months might considerably elevate ARB’s worth.
Read More
- DYM PREDICTION. DYM cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- Top gainers and losers
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- RUNE PREDICTION. RUNE cryptocurrency
- GEOD PREDICTION. GEOD cryptocurrency
2024-09-12 13:43