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- 1 The ARB coin’s price has been on a consistent lower low and high pattern and moving below the trendline.
- 2 The price of the Arbitrum coin is trading at $0.775 and trading below major EMA’s.
Arbitrum is a layer-two solution that makes Ethereum transactions faster, cheaper, and more scalable. It uses a technique called optimistic rollups to achieve this. The Arbitrum network has its own token called ARB coin, which is used for fee payment and governance. ARB coin holders can vote on issues that affect the network, such as protocol changes, fund management, and security council. ARB coin was distributed for free to early adopters and DAOs who used the Arbitrum network before March 1, 2023. The token went live on March 23, 2023, with a total supply of 10 Billion ARB.
Arbitrum has partnered with Coinbase Wallet, a popular app for storing and using cryptocurrencies, this news came into the limelight on October 13th. With this partnership, its users can Trade tokens on decentralized exchanges without paying any fees to Coinbase, can move tokens between Ethereum and Arbitrum easily and securely, and lastly, can send tokens to other Arbitrum users for free.
The maximum possible value of Arbitrum (ARB) is $7.8 Billion, if all the 10 billion ARB tokens that are currently in existence were traded in the market. According to Coingecko, a website that provides crypto data and information, this is a theoretical scenario that shows the highest potential market cap of Arbitrum (ARB). However, the actual market cap may be different, depending on how many ARB tokens are actually in circulation.
In the past 24 hours, ARB crypto’s market value has decreased just by 0.98% and its trading volume by 18.05%, as reported by Coinmarketcap. This cryptocurrency is currently valued at $991 million and its trading volume stands at $90.8 Million. There are 1.275 billion ARB in circulation.
Coinglass, a website that analyzes crypto markets, reports that Arbitrum (ARB) open interest is $109 million, a decrease of 2.06% from the previous session. The ratio of long to short positions for 24 hours is 0.9631. The total amount of short positions opened in the last 24 hours is $7.3 million, while the total amount of long positions is $353.1 Million.
ARB coin has displayed a poor performance in the recent period, as its price has faced a significant reduction. A -5.45% yield was produced by ARB coin this month while a negative result of -47.11% occurred over the last half year. Additionally, the year-to-date negative return for the Arbitrum price was calculated as -47.81%.
As a result, the continuous decrease in value indicates that the Arbitrum coin is not a smart investment decision for those looking to profit either immediately or in the future. In addition, this demonstrates that ARB coin is grappling with considerable rivalry and obstacles within the cryptocurrency industry since it has been unsuccessful in drawing sufficient demand and backing from its users and investors.
The price may continue to slide down and ARB reach the next support levels at $0.7000 and $0.6000 if it cannot hold the current level.
On the other hand, if the price manages to stay above the current level and Arbitrum bounces back, it may face the next resistance levels at $0.8000 and $0.9000.
At the time of publishing, Arbitrum (BITFINEX: ARB) is trading below the 20 and 50-day EMAs (exponential moving averages).
The MACD line at 0.0234 and the signal line at 0.0177 are below the zero line both lines cross each other showing a bearish crossover in Arbitrum and the histogram is lean showing traits of consolidation.
The current value of the RSI is 36.85 points and the 14-day SMA is below the median line at 42.07 points, and facing rejection from 14 SMA.
Conclusion
The ARB price is showing a downward trend at the moment of writing. The technical indicators of the Arbitrum price are pointing in a negative direction, implying that the price may continue to fall on the daily chart. The Arbitrum price also reflects the pessimistic outlook and expectations of the investors and traders regarding the ARB on the daily chart.
Technical Levels:
- Support levels: $0.7000 and $0.6000.
- Resistance levels: $0.8000 and $0.9000.
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
