Arbitrum

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/arbitrum-price-trends-and-market-analysis/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Arbitrum Price Trends and Market Analysis</a> 
Arbitrum (ARB) seems to be challenging the appearance of a descending triangle formation following recent gains. Depending on the support provided by <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">investors</a>, ARB could potentially achieve further gains if it surpasses the fundamental resistance level.
<h2 style="text-align: justify" id="arbitrum-price-outlook">Arbitrum Price Outlook</h2>
Looking at Arbitrum’s <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">price</a>, it appears close to charting a rise towards $1.21. The likelihood of this happening largely depends on the positions investors take.
If ARB investors make a positive move, recovery in the <a href="https://en.coin-turk.com/analyst-predicts-ethereum-rally-and-highlights-key-indicators-for-crypto-market/" data-wpel-link="internal" rel="noopener noreferrer nofollow">altcoin</a> could be observed.
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-348823" src="https://coin-turk.com/wp-content/uploads/2024/05/santiment-gorsel-coin-turk-com.png" alt="" width="1140" height="404">
Considering the recent declines and volatile price movements, a price rise for ARB could recommence in the coming days. The Market Value to Realized Value (MVRV) Ratio indicates that Arbitrum is currently at a low level.
The MVRV ratio is known to assess investor profit or loss. A 30-day MVRV of -17% on the Arbitrum side suggests losses while potentially indicating an accumulation opportunity.
Historically, ARB price rises have occurred within the -12% to -25% MVRV range, presenting this region as an accumulation opportunity.
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-348822" src="https://coin-turk.com/wp-content/uploads/2024/05/mvrv-arb-coin-turk-com.png" alt="" width="1058" height="675">
Therefore, if ARB holders choose to accumulate, they could benefit from a potential rally in the future.
Moreover, Bitcoin’s price movements could also affect Arbitrum’s price. The undisputed leader Bitcoin is seen to be reclaiming the $65,000 support level.
Considering the correlation rate of 0.91 between Arbitrum and BTC, a movement on the ARB side could be similar to Bitcoin. This would be notable for a potential rise in Arbitrum.
<h2 style="text-align: justify" id="what-will-arb-s-price-be">What Will ARB’s Price Be?</h2>
Arbitrum’s price appears to have exited the descending triangle formation it has been in for about a month. This downward formation indicated a potential correction. However, preventing a drop below $1 on the ARB side has opened the way for this point to be confirmed as support.
Confirming the mentioned level as support could pave the way for a rise in Arbitrum’s price. Considering these factors, ARB could be set to convert the $1.10 and $1.21 resistance levels into support.
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-348821" src="https://coin-turk.com/wp-content/uploads/2024/05/arb-fiyat-coin-turk-com.png" alt="" width="1096" height="453">
Nevertheless, in the event of a potential decline, Arbitrum’s price could fall below the $0.99 support level and lower levels could emerge.
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/arbitrum-price-trends-and-market-analysis/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Arbitrum Price Trends and Market Analysis</a></h5>

Arbitrum Price Trends and Market Analysis

Table of Contents

COINTURK NEWS

Other articles published on May 7, 2024

Top Cryptocurrency Picks for Today: Ethena (ENA), Jupiter (JUP), Solana (SOL) – A Comprehensive A...

Digital Asset Flows Decline in the US, Surge in Hong Kong ETFs

peaq Announces Upcoming Token Launch on CoinList (7 May)

Cardano (ADA) Experiences Turbulent 4 Days: Peaks at $0.48 Before a 10% Drop – What’s on the Hori...

Major Breakthrough in Solana-Based Meme Coin (SOL): Targets Doubling Growth, Unveils Key Levels!

Arthur Hayes Raup Jutaan Dolar dari PENDLE, Kripto yang Sedang Naik Daun

Join our free newsletter for daily crypto updates!