- Arbitrum (ARB) is currently trading at $1.1805
- Arbitrum (ARB)’s live market cap is $1,499,172,482.
- Arbitrum (ARB)’s 24-hour volume is $162,196,496 which rose by 12.25% in the last 24 hours.
Arbitrum (ARB) is a cryptocurrency linked to the Arbitrum network, which is a layer 2 scaling solution for Ethereum. Arbitrum promises to improve Ethereum’s scalability and efficiency by exploiting off-chain processing while retaining the Ethereum network’s security and decentralisation.
Arbitrum employs Optimistic Rollups technology, which allows for speedier transaction processing and lowers gas prices as compared to the Ethereum mainnet. Users can benefit from cheaper costs and faster confirmation times by dumping transactions onto the Arbitrum network.
Trend Analysis
Based on a daily time scale study of the ARB chart, a significant change in trend can be seen, indicating a shift towards an upward momentum. After hitting a peak of $1.8192 in April 2023, the price of ARB began a downward trend, witnessing a 50% drop in less than two months. A falling triangle pattern formed as a result of this price movement.
However, the price recently broke through the resistance of the previous pattern, and this was accompanied by high trading activity. If the price can maintain its present level, it is expected to continue its upward trend in the following days. The ARB price’s general trend and structure now favour a higher movement.
Arbitrum (ARB) Price Analysis
EMA
On a weekly basis, the price of Arbitrum (ARB) is now trading above the 20-50 day EMA line, indicating that the price of ARB may rise.
MACD
The MACD indicator aids in the identification of developing trends, bullish or bearish market circumstances, and variations in momentum. The chart includes the MACD line, the signal line, and a histogram that shows the difference between the two lines.
Arbitrum’s MACD line is now trading above the signal line, suggesting a bullish uptrend. A green histogram bar also suggests a bull run. This means that the price of Arbitrum may climb more in the near future.
Volume Analysis
In the daily time frame chart, we can clearly see that the volume of the ARB is increasing. The formation of big green candles favors this. The volume of ARB has increased by 12.25% in 24 hours; this represents that buyers are currently active.
Conclusion
In conclusion, the present price action of ARB suggests a strong rising momentum, which is complemented by the construction of a powerful bullish structure. Furthermore, indicators like as MACD and EMA corroborate ARB’s bullishness, indicating a positive prognosis for the cryptocurrency in the short future.
Technical Levels
- Support – The current support level of Arbitrum (ARB) is $1.0593
- Resistance -The current resistance level of the Arbitrum (ARB) is $1.4415.
Disclaimer
The views and opinions expressed by the author, as well as those of anybody else mentioned in this piece, are only for informational purposes. They do not provide any financial, investing, or other advice. When buying or trading cryptocurrencies, there is a risk of financial loss.
