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- 1 The ARB price is currently trading at $1.16 while seeing a change of 14.9% in 24-hour trading volume.
- 2 ARB observed a decline of 6.23% in the last 24 hours.
The price of ARB is trading near its previous support level; making a double-bottom price pattern. The buyers are making a positive attempt to propel the price up. The sentiments of the investors are currently indecisive whereas the oscillators are moving against each other which presents a contrasting view.
Arbitrum(ARB) platform offers a scaling solution for Ethereum layer 2. Arbitrum utilizes optimistic rollers to gain better speed, scalability, and cost efficiency on Ethereum. The ARB also offers a higher yield with lesser fees compared to Ethereum. The reason behind this is the computation and storage load-off chain.
Sharp Appreciation in Total Social Engagement Rate
At present, the price of ARB is observing a significant increase in the bearish sentiment of investors across various media platforms. The total bearish sentiment metrics have surged by 51.7% within the last week. The total Reddit volume is seeing an appreciation of 139.5% which indicates that the community is getting interested in the token.
A Significant Appreciation in TVL, Fees, and Active Users of ARB Token
The TVL of the ARB coin is currently projecting an increase in the confidence of the buyers in tokens. The value is moving near its all-time high at present above its previous high when the TVL of ARB was $2.00 B, it is recording a significant appreciation. The present TVL of ARB is 2.35B.
ARB Price is Making a Positive W Pattern on the (Daily Timeframe)
The RSI line is trending just below the median line around 40.37 points, which provides critical resistance to the RSI line, the value of 14 SMA is 42.16. The making of an upward curve of the RSI line near the 30 points suggests that it may attempt to make a reversal in 1 Day timeframe.
The stochastic RSI is trading against the 14 SMA. It has already taken a reversal from the overbought zone trading near 50 points. The current value of the Stochastic RSI is 47.72 points.
Conclusion
The price of ARB is currently making an attempt to make a bullish recovery on the daily timeframe. The platform is observing a recent increase in Fees generated by the platform and Transactions occurring through it which presents a positive outlook from the long-term investor’s point of view.
Technical levels –
Support -$1.0000
Resistance – $1.2000 and $1.3000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
