The Arbitrum network’s native token, ARB, has seen impressive growth over the last 30 days, with the price up over 60% in that timeframe. As of this writing, ARB is trading at $1.74, after hitting a new all-time high today of $1.80 before consolidating.
Part of the reason for this rapid increase seems to be the overall growth and adoption of the Arbitrum network itself. According to a recent tweet from Crypto | ChartMonkey, Arbitrum One has now surpassed $10 billion in Total Value Locked (TVL), outperforming its closest competitor Nitro by $4.6 billion.
There is also buzz building around an upcoming project called Blast, which has already attracted over $1 billion in TVL to the network.
However, Crypto | ChartMonkey also cautions that a battle between buyers and sellers is creating uncertainty and rangebound trading between $1-1.30 for ARB in the short term. As they stated on Twitter: “ARB token holders, large and small, are feeling the struggle between accumulation and redistribution of the asset. Don’t risk buying.”
Looking at the technical indicators, the relative strength index (RSI) on the daily ARB/USD chart is currently reading 64. An RSI above 70 is generally considered overbought territory, while under 30 is oversold. So at 64, ARB seems to have some room left to run before being at risk of overheating in the near term.
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Show more +Arbitrum adoption and TVL growth seem to be fueling a bull run for ARB so far in 2024. However, uncertainty and choppy trading conditions may return in the short term as buyers and sellers struggle for control.
Risk-averse investors may want to wait for a better entry point or consolidation before buying. But overall, Arbitrum’s long-term growth trajectory looks positive.
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