This crypto has gained over 58% value in December, reaching a level of $1.45 on 27 Dec 2023. In this article, we will analyze the current price action of arbitrum crypto along with the weekly analysis and news roundup.
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Arbitrum Crypto Price Analysis
ARB is currently trading at $1.37, with a 24-hour trading volume of $562 million and a market cap of $1.74 billion. The price of this crypto has declined by 1.74% in the last 24 hours, but has increased by 28.59% in the past 7 days.
In a 15-minute time frame, the price is moving inside the ascending channel. Currently, the price is bouncing from support trendline of the ascending channel. we have to wait for further price developments.
The ARB price is currently trading above the 200-day simple moving average, indicating a strong bullish trend. The ARB price is also supported by a rising trend line that has been in place since October 19, when the price created a higher low of $0.74.
Support level: $1.20
Resistance level: $1.50, $2.00
Weekly Price Analysis
ARB price has performed well in the past week, gaining 22.99% against the US dollar, 22.55% against Bitcoin, and 20.10% against Ethereum. The ARB price has outperformed most of the major cryptocurrencies in the market, including Bitcoin, Ethereum, Solana, and Axie Infinity.
ARB price has also shown a high level of volatility, with a 9.29% standard deviation in the last 7 days. The ARB price has experienced several sharp fluctuations in the past week, reaching a weekly high of $1.45 and a weekly low of $1.07. The ARB price has bounced back from the weekly low and is currently trading near the weekly high, indicating a strong bullish momentum.
Future Outlook
The future outlook for Arbitrum is positive, as the project has a lot of potential to improve the scalability and usability of Ethereum. Arbitrum has attracted a lot of users and developers who are looking for a fast and cheap way to interact with smart contracts. Arbitrum has also partnered with several prominent projects in the crypto space, such as Chainlink, PancakeSwap, Uniswap, Aave, and SushiSwap, to integrate their services on the Arbitrum network.
Arbitrum is also expected to unlock 1.11 billion ARB tokens on March 16, 2024, which will increase the circulating supply and liquidity of the token. However, this could also put some downward pressure on the ARB price, as some of the recipients may sell their tokens. Therefore, investors should be cautious and monitor the market sentiment and price movements before and after the unlock event.
News Roundup
Here are some of the latest news and developments related to Arbitrum:
- Arbitrum shows signs of further gains to $2 as price nears ATH. Meanwhile, Solana and Axie Infinity are poised at key support levels.
- The ARB price has increased since falling to a low of $0.74 on September 11. The price created a higher low on October 19 and accelerated its rate of increase afterward. The price broke out from a descending resistance trend line on October 23. Before the breakout, the trend line had been in place for 192 days.
- Arbitrum announced its airdrop of ARB tokens to early users and DAOs building on Arbitrum, with 12.75% of the total supply to be distributed. Recipients were rewarded on a point-based system depending on their interaction with the Arbitrum network until a cutoff date of March 1, 2023.
- Arbitrum will release over $1 billion worth of ARB tokens in March next year, kicking off a four-year period of staggered unfreezing of its native digital asset, according to data source Token Unlocks. On March 16, the protocol designed to offer scalable and low-cost smart contract capabilities will “cliff unlock” 1.11 billion ARB tokens worth $1.24 billion at the going market rate of $1.12.
- PancakeSwap announced that it will add Chainlink Data Streams & Automation on Arbitrum, enabling users to access decentralized price feeds and execute smart contract logic based on real-world data and events.
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