Arbitrum

The recent commotion caused by the premature announcement of the SEC approval of a Bitcoin spot ETF has created a whirlwind of activity among crypto traders and investors. Stemming from a social media mishap on January 9, the incident led to a significant reshuffling in the crypto space: while <a href="https://cryptodaily.co.uk/tag/bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) experienced an initial surge to $47,900, the revelation of the news being fake quickly deflated its value to $45,500, resulting in over $140 million in liquidations within hours.Interestingly, certain <a href="https://cryptodaily.co.uk/tag/altcoins" rel="noopener noreferrer nofollow">altcoins</a> like Arbitrum (ARB) saw a distinct uptick, gaining 13% in the last 24 hours, contrary to the usual pattern of following BTC&#39;s lead. Not all currencies mirrored this success. For example, Sei (SEI) took a different route, dropping almost 11% post its recent rally. But even despite varying reactions to the market&#39;s confusion, both SEI and ARB have had a commendable month, boasting increases of 174% and 82%, respectively. This raises the question: will the altcoin rally maintain its momentum independent of Bitcoin (BTC), especially if the much-anticipated spot ETF approval becomes a reality?Time and again, we&#39;ve seen BTC&#39;s surges kick off a wave of investments in altcoins, hinting that emerging projects like <a href="https://scapesmania.io/?utm_source&#61;cryptodaily&amp;utm_medium&#61;mmedia&amp;utm_campaign&#61;SEIARB" rel="noopener noreferrer nofollow">ScapesMania</a> (MANIA) could also be on the brink of drawing significant attention. MANIA’s presale discounts and additional stage rewards are a golden opportunity for investors aiming to hit it big with a nascent crypto sensation.ScapesMania: A Presale With Unprecedented PotentialWhile some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project&#39;s appeal.<h2 id="header-0">Presale is Live Now - Join Now for a Chance to Benefit with MANIA</h2>Backed by an award-winning developer crew, ScapesMania stands for transparency: every member’s social media profile is public. The project can achieve this not just by bringing big innovation to the game, but by putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is what makes ScapesMania the project with a bright future ahead.<a href="https://scapesmania.io/?utm_source&#61;cryptodaily&amp;utm_medium&#61;mmedia&amp;utm_campaign&#61;SEIARB" rel="noopener noreferrer nofollow">Presale is Live, Learn More About Major Benefits</a>Sei (SEI) Technical Analysis<a href="https://cryptodaily.co.uk/2024/01/2024s-crypto-dark-horses-5-picks-you-shouldnt-ignore" rel="noopener noreferrer nofollow">Sei</a> (SEI), a rapidly emerging cryptocurrency, currently navigates the volatile crypto markets with an intriguing technical setup – the 24% price correction from its all-time high (ATH) of $0.8779 reached on January 3 hints at potential vulnerability.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c335cef9c9be4b26b5c47f29761e3cc8.png" />Source: <a href="https://www.tradingview.com/chart/3rzIBxxK/?symbol&#61;COINBASE%3ASEIUSD" rel="noopener noreferrer nofollow">TradingView</a>However, trading between the support level at $0.3061 and the resistance level at $0.7318, SEI still keeps its notable uptrend as evident from its exponential moving averages (EMA). The 10-day EMA stands at $0.6676, slightly above the current trading level, suggesting a short-term bullish momentum. This is reinforced by the 50-day EMA at $0.4402, indicating a solid upward trend over a longer period.The Relative Strength Index (RSI) at 59.86 is nearing the overbought territory but still offers room for upward movement. The Stochastic %K at 57.86 aligns with this view, hinting at potential for further gains. The Average Directional Index (ADX) at 39.99, while not overwhelmingly strong, still points to a developing trend. The Commodity Channel Index (CCI) at 44.41 suggests that Sei (SEI) is not in an overbought or oversold condition, providing a neutral standpoint.<h2 id="header-1">Sei (SEI) Bullish Outlook</h2>In a bullish scenario, SEI could leverage its recent surge and positive market sentiment. If the momentum continues, aided by its innovative architecture and the excitement surrounding the upcoming Sei v2 launch, Sei (SEI) may break past its immediate resistance at $0.7318. A successful breach of this level could open the path towards retesting the ATH and breaking new records – the next resistance at $0.9013 and $1.327 might appear within reach.The MACD level at 0.0996, although modest, supports this bullish outlook, indicating a growing bullish momentum in the market. Furthermore, the Momentum indicator at 0.0948 adds to the optimistic narrative, suggesting that the price could continue its upward trajectory, if the launch of Sei v2 brings in more positive news and attracts additional investor interest.<h2 id="header-2">Sei (SEI) Bearish Outlook</h2>Conversely, in a bearish scenario, if SEI fails to sustain its current levels and breaks below $0.3061, it could signal a shift in market sentiment. This might be influenced by the broader market reaction to the fake news about the Bitcoin ETF approval and any unforeseen challenges in the rollout of Sei v2. If the price were to drop below the immediate support level, it might find the subsequent defense line at $0.0499.Investors and traders should watch closely for any signs of declining interest or technical weaknesses that could trigger a sell-off, keeping in mind the importance of maintaining security and smooth upgrades in the Sei (SEI) ecosystem.Arbitrum (ARB) Technical Analysis<a href="https://cryptodaily.co.uk/2024/01/top-7-high-potential-cryptos-set-to-shoot-to-the-moon-in-2024" rel="noopener noreferrer nofollow">Arbitrum</a> (ARB), a prominent player in the layer-2 (L2) market, is currently navigating the intricacies of the crypto market, trading between support at $1.4413 and resistance at $2.0613. The EMAs at $1.8624 (10-day) and $1.7853 (50-day) suggest a bullish trend, aligning with the overall positive sentiment in the crypto market driven by expectations around a Bitcoin ETF approval.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/e674c0c49839486a8a62a1f914d8b670.png" />Source: <a href="https://www.tradingview.com/chart/3rzIBxxK/?symbol&#61;COINBASE%3AARBUSD" rel="noopener noreferrer nofollow">TradingView</a>The RSI at 58.18 indicates a slightly bullish momentum without venturing into the overbought territory. However, the Stochastic %K value at a high 83.43 could signal a near-term pullback as it often precedes a downturn when reaching extreme levels. Meanwhile, the low ADX at 15.71 shows a lack of strong trend direction, and the moderately high CCI at 145.17 hints at a potential overvaluation in the short term.<h2 id="header-3">Arbitrum (ARB) Bullish Outlook</h2>In a bullish case, Arbitrum (ARB) could leverage its growing <a href="https://defillama.com/chain/Arbitrum" rel="noopener noreferrer nofollow">Total Value Locked</a> (TVL), which has surged to $2.479 billion. Reflecting the chain&#39;s relevance and demand among market participants, this aligns with ARB&#39;s impressive price rally over the past 30 days. The <a href="https://app.santiment.net/charts?settings&#61;%7B%22slug%22%3A%22arb-arbitrum%22%2C%22ticker%22%3A%22ARB%22%2C%22from%22%3A%222023-07-10T20%3A59%3A59.095Z%22%2C%22to%22%3A%222024-01-10T20%3A59%3A59.095Z%22%7D&amp;widgets&#61;%5B%7B%22widget%22%3A%22ChartWidget%22%2C%22wm%22%3A%5B%22price_usd%22%2C%22active_addresses_24h%22%2C%22volume_usd%22%2C%22whale_transaction_count_100k_usd_to_inf%22%5D%2C%22whm%22%3A%5B%5D%2C%22wax%22%3A%5B0%2C1%2C2%5D%2C%22wpax%22%3A%5B%5D%2C%22wc%22%3A%5B%22%2326C953%22%2C%22%23FF5B5B%22%2C%22%23D2D6E7%22%2C%22%23FFCB47%22%5D%7D%5D" rel="noopener noreferrer nofollow">on-chain metrics</a>, including a rise in active addresses and trading volume, further bolster the case for an upward trajectory.If Arbitrum (ARB) sustains this momentum and breaks above the closest resistance, it might aim for higher targets at $2.4007 and potentially even $3.0207. The MACD level at 0.0283 and Momentum at 0.117, although modest, support this optimistic outlook. The dominant 49.2% share of ARB in the L2 ecosystem further underscores its potential for growth in the bullish scenario.<h2 id="header-4">Arbitrum (ARB) Bearish Outlook</h2>However, in a bearish perspective, the recent deposit of significant Arbitrum (ARB) tokens by market makers to exchanges could spell trouble. With GSR and Wintermute <a href="https://twitter.com/OnchainDataNerd/status/1744918887664394434" rel="noopener noreferrer nofollow">depositing</a> over $20 million worth of ARB, this increase in supply on exchanges could be a precursor to a sell-off, exerting downward pressure on the price.If these tokens are offloaded in the market, Arbitrum (ARB) might experience a decline, potentially testing its lower support levels at $1.1607 and further down at $0.5407. The critical factor here is the market&#39;s reaction to these potential sales, which could override the current positive on-chain indicators. Investors and traders should keenly observe how ARB navigates these contrasting forces which make it a fascinating watch in the coming days.Final WordsIn the dynamic and often unpredictable crypto market, the contrasting movements of Bitcoin and altcoins like Arbitrum (ARB) and Sei (SEI) following the SEC ETF announcement faux pas highlight the intricate interplay of market sentiment, technical indicators, and on-chain metrics, underscoring the need for investors to stay alert and adaptable to rapidly changing scenarios.SEI, despite a recent dip, has its eyes set on the much-awaited Sei v2 launch, which could really shake things up and possibly send its prices climbing back up. On the flip side, ARB is killing it in the L2 space with a hefty market share. Its soaring TVL also suggests strong confidence from the market, but there&#39;s a catch – a bunch of tokens just hit the exchanges, and if they get sold off, it could mean a bit of a price tumble.So, it&#39;s a bit of a cliffhanger for both Sei (SEI) and Arbitrum (ARB) right now, with big moves on the horizon that could either send them to the moon or have them brace for impact.Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.RELATED TOPICS: <a href="https://cryptodaily.co.uk/tag/altcoins" rel="noopener noreferrer nofollow">#ALTCOINS</a> <a href="https://cryptodaily.co.uk/tag/breaking-news" rel="noopener noreferrer nofollow">#BREAKING NEWS</a>

Sei (SEI) Faces Bitcoin's Volatility, Arbitrum (ARB) Leaps Ahead – Who Wins Post-ETF Announcement?

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