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- 1 The developers count on the Arbitrum network is continuing to surge from the past few months
- 2 ARB price is currently observing a weak downside trend in price. The asset price has observed a drop of 3.7% in the intraday session
Arbitrum is one of the scaling solutions for Ethereum which was developed by the Offchain labs. It saw an initial traction but with the rise of Optimism and Base it saw a decline. Meanwhile with the recent developments the network is seeing a surge in the developer count.
Arbitrum is not resting its oars for the development of the network. The parent company of the Arbitrum Offchain labs has recently released the public Testnet for Arbitrum’s Stylus for developers’ use. It allows developers to build applications on the Nitro chain while promoting the lower gas costs.
Arbitrum has been observing a decline in the overall transaction count from April 2023 as per Dune Analytics. Meanwhile the average gas usage on the network has observed a slight decline. The total number of accounts on the network is around 8771271 with 529768 contracts.
Arbitrum has a market cap of $1.13 Billion and is ranked 39th in the cryptoverse. The volume of ARB token has observed a decline of 3.61% in the intraday session. Volume to market cap ratio of the asset price suggests a consolidated trend in price.
Will ARB Price Breach The $1 Threshold Soon?
Arbitrum price is currently observing a strong bearish trend on the weekly technical chart. On coming to the daily chart the asset price is trading near the value of $0.88 with a small gain in the intraday session. The upside trend of ARB token price can observe a halt near the value of $1. Meanwhile, the downside trend of asset price can see a bounceback from $0.6. The asset price is trading below the 50 and 100 Daily Moving Averages.
The RSI of ARB is near 27 highlighting its presence in the oversold zone. The overall sentiment of the RSI is neutral for Arbitrum.
Summary
Arbitrum is currently working strongly to increase the network capabilities. The user count and transaction on the network is surging steadily. ARB is currently observing a weak downside trend in the asset price but can see a bounceback to a new high in the near future.
Technical Levels
Major Support:$0.6
Major Resistance: $1
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
