Arbitrum

Velocity

<ul class="list-ic vertical">
 <li><span>1</span> <a>Arbitrum (ARB) token price decisively held the $1 mark but failed to attain a rebound.</a></li>
 <li><span>2</span> <a>Buyers made a firm grip around $1 and were eyeing for a reversal.</a></li>
</ul>
<p>The <strong>Arbitrum (ARB) token price</strong> hovered near the round mark of $1 and is in a bearish trajectory. For bulls, $1.20 is the prompt hurdle to cross and sustain to revert the gains.</p>
<p>Recently, the token has witnessed a breakdown of the ascending triangle pattern and a follow-on selloff was noted in the last sessions.</p>
<p>Later, the token failed to hold the momentum and was dragged to the crucial support zone of $1, which breached the key moving averages. The token has eroded over 45% of gains in the last three weeks.</p>
<p>At press time, the <strong>Arbitrum crypto (ARB)</strong> price traded at $1.01 with an intraday drop of 0.89%, reflecting a neutral outlook and staying in the bearish region. It has a monthly return ratio of -27.10% and 11.29% yearly.</p>
<p>The pair of ARB/BTC is at 0.0000166 BTC, and the <a href="https://www.thecoinrepublic.com/2024/03/05/tether-usdt-market-capitalization-nears-all-time-high-data/" target="_blank" rel="noopener noreferrer nofollow">market cap</a> is $1.29 Billion. Analysts are neutral and suggest that the <strong>ARB crypto</strong> may replicate a pullback and will cross the 20-day EMA mark later.</p>
<h2 class="wp-block-heading" id="strong-can-arbitrum-arb-regain-the-shine-amidst-downtrend-strong"><strong>Can Arbitrum (ARB) Regain The Shine Amidst Downtrend?</strong></h2>
<p>A sharp correction was noted on the daily charts, and the token slid to the bearish region. Following the triple top formation, bears are actively pushing the token from the highs.</p> <iframe loading="lazy" title="Santiment Chart: Price (ARB), Volume (ARB)" width="1170" height="400" src="https://embed.santiment.net/chart?ps=arb-arbitrum&amp;pt=ARB&amp;df=2023-11-08T18%3A29%3A59.953Z&amp;dt=2024-05-08T18%3A29%3A59.953Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>The intraday trading volume averaged around $272.90 Million, signifying low investor interest. A break and close above the $1.20 mark would validate the trend reversal.</p>
<h3 class="wp-block-heading" id="strong-key-factors-suggest-positive-outcome-strong"><strong>Key Factors Suggest Positive Outcome</strong></h3>
<ol>
 <li><strong>Social Volume</strong></li>
</ol>
<p>Despite the price downturn, the social volume data witnessed a consistent uptick, highlighting a surge in popularity among investors.</p>
<ol start="2">
 <li><strong>Development Activity</strong></li>
</ol>
<p>The development activity delivered a positive outlook, and the value stands close to the midline region, as noted at 122.</p> <iframe loading="lazy" title="Santiment Chart: Social Volume (ARB), Development Activity (ARB)" width="1170" height="400" src="https://embed.santiment.net/chart?ps=arb-arbitrum&amp;pt=ARB&amp;df=2023-11-08T18%3A29%3A59.953Z&amp;dt=2024-05-08T18%3A29%3A59.953Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_volume_total%3Bdev_activity&amp;wax=0%3B1&amp;wc=%2368DBF4%3B%238358FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>&nbsp; 
<p class="has-text-align-center">Source: Santiment</p>
<ol start="3">
 <li><strong>Futures Open Interest</strong></li>
</ol>
<p>The data from coinglass highlights buyers have made fresh long positions, and the open interest spiked over 2.37% to $164.01 Million.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="242" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-114-1024x242.png" alt="" class="wp-image-204977" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-114-1024x242.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-114-300x71.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-114-768x181.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-114-750x177.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-114-1140x269.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-114.png 1367w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: coinglass</p>
<ol start="4">
 <li><strong>Historical In/Out of the Money</strong></li>
</ol>
<p>Per the indicator, 68.40% of the in-the-money holders at the current price level are in profit, and around 32% are still looking to cover their gains.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="234" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-113-1024x234.png" alt="" class="wp-image-204976" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-113-1024x234.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-113-300x69.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-113-768x176.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-113-1536x351.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-113-750x172.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-113-1140x261.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-113.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: IntoTheBlock</p>
<ol start="5">
 <li><strong>Transaction Volume and Velocity Indicator Analysis</strong></li>
</ol>
<p>The Transaction volume data reflected an incremental move, highlighting the buying interest in the past sessions. The value rose to 185.61 Million, which signifies a positive outlook.</p> <iframe loading="lazy" title="Santiment Chart: Transaction Volume USD (ARB), Velocity (ARB)" width="1170" height="400" src="https://embed.santiment.net/chart?ps=arb-arbitrum&amp;pt=ARB&amp;df=2023-11-08T18%3A29%3A59.953Z&amp;dt=2024-05-08T18%3A29%3A59.953Z&amp;emcg=1&amp;emhwm=1&amp;wm=transaction_volume_usd%3Bvelocity&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22node%22%3A%22line%22%7D%3B" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>The Velocity Indicator showcased a sudden spike; the value spiked over 2.13% to 1.635. The rise in the price volatility hints at the bullish bias. The momentum indicator, the Relative Strength Index, witnessed a positive crossover, but the curve remained in the oversold region.</p>
<p>However, the MACD indicator still delivered the bearishness, and the histogram displayed the red bars. The immediate support level for the<strong> Arbitrum (ARB) token</strong> is $0.970 and $0.920, whereas the critical upside hurdle is around $1.20, followed by $1.40.</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>The <strong>Arbitrum (ARB) token</strong> price has made a firm grip around $1 and is all set to initiate a bounce. However, the bulls have yet to cross $1.20, which is still a dream for investors.</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

Arbitrum (ARB) Sails Near $1, Will ARB Ride On the Bullish Track?

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