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Amid Recent Developments, Can Arbitrum Surge Upto $2 Mark?

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The Arbitrum Daily Chart highlights that price control was in bears’ favor, as it failed to reach last swing highs and deteriorated at a constant pace. Also, it has been struggling below the 20-day EMA. 

However, the price structure was near the demand zone, where new buyers could join. Moreover, the recent developments are also accelerating in the arbitrum, which could possibly become a catalyst for the breakout this year in Arbitrum.

Could Development Activities Make the Arbitrum Price Fly? 

The Official X account Of Arbitrum tweeted that they hailed a new orbit chain in the ecosystem of Arbitrum. It will be built by Saltwater Games and XR Foundation on Arbitrum’s Orbit to launch XR One

The XR One stands tall as a Layer 3 chain that has been engineered to redefine web3 gaming. It aims to bring competitive gaming to Arbitrum.

Moreover, it also portrayed Arbitrum’s DAO, which has been more active with the latest updates and proposals. The latest passed proposals that have been updated on X through voting were the STIP-Bridge proposal and some more. Likewise, some proposals are also live for voting, and the winning proposals will be passed. 

In addition, it was noted that the STEP Screening Committee will review program applications and conduct due diligence until June 5. Following this, the proposed allocation among applicants will need to be approved by the DAO to diversify a portion of the Arbitrum DAO’s treasury. 

Similarly, the newly appointed Security Council Cohort would be chosen. The grace period for the proposal would last until May 16, at which point election results would go into effect.

Is It the Right Time to  Buy Arbitrum? Let’s Dig into the On-chain Analytics!

As per the Cihat Ozturk on X, the milestone of 1 million daily active wallets on the Arbitrum network has been reached. That signifies a robust enhancement in its operational strength. 

The Arbitrum network garners substantial financial power. Each transaction conducted by a wallet contributes a fee to the network’s validators. Moreover, he also exhibited, that the surge in active users could lead to Arbitrum being favored as a primary payment method on cryptocurrency exchanges. 

In essence, Arbitrum’s growing active wallet count could be a testament to its expanding influence and potential for widespread adoption, both by users and developers within the decentralized finance landscape.

Furthermore, the asset’s MVRV ratios on 30-day MA were 2.207% (at press time), and this metric has recovered from -35% which was around mid-April. This uptick in these metrics shows that short-term holders offloaded their ARB’s holdings, which were likely bought by the long-term holders of Arbitrum.

Will Arbitrum Skyrocket!

The ARB crypto has been trading at $0.9926 at press time. The technical indicators are bearish, but minor bullish signs have appeared in MACD as it has converged for a bullish cross. The RSI has reached 30, and it is precisely at 38.58. Therefore, despite the bearish indicators, the scenario could flip to the upside.

If the demand for the ARB rises, it could bounce back from the current level. The next goal for the price could be reaching $1.250 and $1.600 levels.

However, if the ARB crypto price fails to stay above the $0.9000 level, it could decline further and reach lower levels.

Summary

The Arbitrum network has experienced significant developments and milestones, including the launch of a new Orbit chain and the achievement of 1 million daily active wallets. The network’s growing influence and potential for widespread adoption within the decentralized finance landscape are evident. 

Additionally, the ARB crypto is currently trading at $0.9926, with technical indicators signaling potential for a bullish reversal. If demand for ARB rises, the price could target $1.250 and $1.600, but failure to stay above $0.9000 may lead to further decline. Furthermore, the network’s MVRV ratios and recent developments indicate a dynamic and evolving ecosystem.

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.

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