Arbitrum

Nitro

Billion

Threshold

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>The developers count on the Arbitrum network is continuing to surge from the past few months</a> </li> 
 <li> <span>2</span> <a>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</a> </li> 
</ul> 
<p>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.</p> 
<p>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.</p> 
<p><a href="https://www.thecoinrepublic.com/2023/08/21/arbitrum-tvl-declines-will-the-arb-price-see-a-same-fate/" rel="noopener noreferrer nofollow">Arbitrum</a> 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.</p> 
<p>Arbitrum has a <a href="https://www.thecoinrepublic.com/2023/09/01/trx-price-forecast-2023-is-tron-hunger-seeking-1-mark/" rel="noopener noreferrer nofollow">market</a> 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.</p> 
<h2 class="wp-block-heading" id="strong-will-arb-price-breach-the-1-threshold-soon-strong"><strong>Will ARB Price Breach The $1 Threshold Soon?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/IGYB6cVdEIUSjpeed7aK9wK1JWB5z86dHBW-k3nlzjkLC-mpNvR4mhJtnj1ksbS3NVjV43VvWGhjW8t_VFRgmOfYyIfk3eNI5dC3ps1rdyW8XNJpJGF5jc5jNVDevln7V4l-CpIXok1_RH-d6CsdwWM" alt="Arbitrum Downtrend Continues, Will ARB Price See A Bounceback Soon?"> 
  <figcaption class="wp-element-caption">
    Source: ARB/USD by <a href="https://in.tradingview.com/chart/xKYKznCh/?symbol=BITFINEX%3AARBUSD" rel="noopener noreferrer nofollow">Trading View</a> 
  </figcaption> 
 </figure> 
</div> 
<p>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.</p> 
<p>The RSI of ARB is near 27 highlighting its presence in the oversold zone. The overall sentiment of the RSI is neutral for Arbitrum.</p> 
<h4 class="wp-block-heading"><strong>Summary&nbsp;</strong></h4> 
<p>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.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<p>Major Support:$0.6</p> 
<p>Major Resistance: $1</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>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.</p>

Arbitrum Downtrend Continues, Will ARB Price See A Bounceback Soon?

Table of Contents

Thecoinrepublic.com

Other articles published on Sep 2, 2023

PEPE Terancam Melemah 15 Persen

Grayscale CEO Indicates Bidding For Bitcoin Spot ETF

Criptonite CEO Feels Lack of regulatory clarity on cryptocurrencies in the US!

Wall St Memes, yPredict, And Launchpad XYZ Are 3 Crypto Projects Built For Traders By Traders

Terpopular Sepekan BMI: Ramalan Harga SHIB hingga Shibarium Tarik Pendatang Baru

Shiba Inu vs Floki: The Ultimate Battle of the Meme Coins

Join our free newsletter for daily crypto updates!