Ethereum

Orbit

Arbitrum

Reversal

Arbitrum One holds the crown as the leading <a style="color: #0000ff;" href="https://defi-planet.com/2021/10/scaling-the-ethereum-blockchain-a-comprehensive-guide-on-layer-2-solutions/" rel="noopener noreferrer nofollow">Ethereum Layer 2 (L2) solution</a>. It currently dominates the Layer 2 chain market with <a style="color: #0000ff;" href="https://defillama.com/chain/Arbitrum" rel="noopener noreferrer nofollow">over $1.82 billion locked in its numerous dApps</a>, which amounts to more than 45% of the total value of all available L2 chains.
Beyond its market value, Arbitrum also leads the pack in crucial blockchain developments. The launch of Arbitrum’s Orbit could begin a new race for another set of solutions: Layer 3s. These solutions build on the existing Layer 2 solutions and extend Ethereum’s capacity more. The implications of this are huge, not just for Ethereum but also for Arbitrum.&nbsp;
Now, with all these new shiny technology and product announcements, the ARB token, which is central to the entire Arbitrum ecosystem, is down 91.93% from its all-time high (ATH) of $11.80. This is bad news for all investors, especially following the massive hype around the airdrop for the token.
<h2 id="span-style-font-weight-400-arb-s-price-analysis-span">ARB’s Price Analysis</h2>
In the past 24 hours, ARB’s price dipped by 1.57%.
Currently, the price of Arbitrum stands at $1.0473, with a trading volume of $278.618 million over the last 24 hours. Its<a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/arbitrum/" rel="noopener noreferrer nofollow"> market cap of $1.324 billion puts it at 38th position </a>among global cryptocurrencies.
The token has a circulating supply of 1,275,000,000 and has experienced a sharp 91.93% drop from its ATH of $11.80, achieved during its highly anticipated airdrop in March 2023. This price decrease coincided with a steady rise in daily active addresses and trade volume in ARB during October.&nbsp;
Between September 27 and October 26, ARB’s trade volume surged almost sixfold, from 76.66 million to 458.82 million. Data from the crypto intelligence tracker Santiment suggested that this can be attributed to sustained participation from traders, with <a style="color: #0000ff;" href="https://www.fxstreet.com/cryptocurrencies/news/arbitrum-eyes-decentralization-with-orbit-mainnet-arb-price-fails-to-catch-up-202310270600" rel="noopener noreferrer nofollow">daily active addresses consistently exceeding the 11,250 mark</a>.
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-11763" src="https://defi-planet.com/wp-content/uploads/2023/11/Screenshot-2023-11-03-203157.png" alt="ARB's Price Analysis chart on DeFi Planet" width="1418" height="723" srcset="https://defi-planet.com/wp-content/uploads/2023/11/Screenshot-2023-11-03-203157.png 1418w, https://defi-planet.com/wp-content/uploads/2023/11/Screenshot-2023-11-03-203157-300x153.png 300w, https://defi-planet.com/wp-content/uploads/2023/11/Screenshot-2023-11-03-203157-1024x522.png 1024w, https://defi-planet.com/wp-content/uploads/2023/11/Screenshot-2023-11-03-203157-768x392.png 768w, https://defi-planet.com/wp-content/uploads/2023/11/Screenshot-2023-11-03-203157-1320x673.png 1320w, https://defi-planet.com/wp-content/uploads/2023/11/Screenshot-2023-11-03-203157-600x306.png 600w, https://defi-planet.com/wp-content/uploads/2023/11/Screenshot-2023-11-03-203157-750x382.png 750w, https://defi-planet.com/wp-content/uploads/2023/11/Screenshot-2023-11-03-203157-1140x581.png 1140w" sizes="(max-width: 1418px) 100vw, 1418px">
The live chart reveals a distinct double-bottom candlestick pattern around 0.76, indicating a potential reversal, dependent on the price breaking the resistance at 1.1. This resistance is pivotal as it coincides with the 200-moving average (white line). Breaching this moving average would confirm the double bottom pattern and potentially lead to price consolidation around the $1 mark, untouched since August.&nbsp;
Currently, the ARB token trades below the 200-moving average(White line). The double-bottom pattern has caused the 10-moving average (Red line) to surpass the 50-moving average (Green line), and the price has respected the moving average so far. If the bulls maintain their momentum, we may witness highs of $1.18 and $1.3 in the short term, potentially serving as a springboard for a price recovery to previous highs. A price consolidation above $1 could signal a potential ARB token price recovery.&nbsp;
<h2 id="span-style-font-weight-400-can-arb-recover-span">Can ARB Recover?</h2>
While the ARB token is down over 90%, the team and community’s massive work and investment in developing new products is a big bet on its future.&nbsp;
Ethereum’s Layer 2 solutions, like Arbitrum, are known for solving one of the most pressing issues in crypto: scalability. These solutions significantly increase Ethereum’s capacity, allowing it to process more transactions in a shorter time. This is a big deal because it resolves the big problems–network congestion and slow transaction confirmations–that have plagued Ethereum for a while.
Orbit, Arbitrum’s newest product, which it described as a Layer 3 solution, could expand the limits of what’s possible for Ethereum and the Layer 2 network itself. The product is expected to attract more developers and users to Arbitrum and further cement its position as the leading L2 chain.&nbsp;
With this current rate of ecosystem development and a high potential of highs recorded in the past, price recovery might be swift. A move from the current price of $1 will record an impressive 11x profit should it hit its last high set at about $11.&nbsp;
<h2 id="span-style-font-weight-400-final-thoughts-span">Final Thoughts</h2>
The recent price action on category king, Bitcoin, has driven the entire crypto community into a frenzy and has prompted some speculators to believe it signals the end of the bear market, which will mean more investment across the board and higher prices. Such investment naturally flows to certain market leaders, and ARB is definitely one of them.&nbsp;
Though Arbitrum is hugging the spotlight for all the right reasons and pushing innovation and the growth of the blockchain industry, there is no doubt that it is the crown jewel of DeFi on Ethereum. And also, with over 2% of Ethereum users actively engaging with Arbitrum, it’s clear why there is a bullish sentiment surrounding the token. However, this sentiment has persisted for some time without aligning with actual price and market activity.
Arbitrum’s launch of the new Layer 3 solution is another bullish signal that ARB may be undervalued. Maybe.
&nbsp;
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/11/arbs-price-fluttering-amid-bullish-signs-is-a-reversal-on-the-cards/">ARB’s Price Fluttering Amid Bullish Signs: Is A Reversal On The Cards?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

ARB’s Price Fluttering Amid Bullish Signs: Is A Reversal On The Cards?

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