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.
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
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.
You may also be interested in:
- Ethereum Price Has “Clear Path Ahead” as ETH Eyes $2,700 According to Crypto Analyst – Here’s His Outlook
- Here’s the Recap of 2023 in the Crypto and Bitcoin Industry
- Ripple (XRP) vs. Cardano (ADA): The Battle for $1, How Meme Moguls (MGLS) is Revolutionizing Meme Coins
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
