Arbitrum Price Secures $5 Support with Franklin Templeton’s Treasury Integration

Sahil Mahadik
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Arbitrum Price

Highlights

  • Arbitrum price witnesses a steady correction under the influence of the falling wedge pattern.
  • Franklin Templeton expands its OnChain U.S. Government Money Fund (FOBXX) to the Arbitrum network.
  • A reversal from the overhead trendline could signal the resumption of ongoing correction and delay a major breakout.

Arbitrum price plunged 0.78% to $0.585 during the U.S. trading session on Wednesday. The crypto market is still struggling to maintain a stable bullish recovery as Bitcoin wavers around the $60000 psychological market. Amid the volatile market, the ARB price managed to reclaim $5 support as Franklin Templeton launched its OnChain U.S. Government Money Fund (FOBXX) on the Arbitrum blockchain. 

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Arbitrum Price Gain Momentum as Franklin Templeton’s Digital Asset Fund Goes Live

On August 8th, the renowned asset management company Franklin Templeton launched its OnChain U.S. Government Money Fund (FOBXX) on the Arbitrum blockchain. Investors can access FOBXX through digital wallets via the Benji Investments platform, Franklin Templeton’s blockchain-integrated recordkeeping system. 

The Arbitrum network is available to eligible investors upon request, enabling streamlined access to this U.S.-registered mutual fund within a blockchain environment.

Following the announcement, the Arbitrum price surged 14.46% last Thursday to secure $5 support. 

“Expanding into the Arbitrum ecosystem is an important step on our journey to empower our asset management capabilities with blockchain technology,” said Roger Bayston, Head of Digital Assets at Franklin Templeton.

Arbitrum is now the third blockchain network where Franklin Templeton’s fund shares can be traded, following Stellar and Polygon, another Ethereum Layer 2 solution. 

This integration further strengthens the bridge connecting traditional finance and decentralized markets, offering more options for blockchain-based trading of the fund’s shares.

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Arbitrum Price Hints Breakout from Multi-Month Resistance

Over the past four months, the Arbitrum price has showcased a steady downtrend resonating within a falling wedge pattern. The pattern consists of two converging trendlines, which provide dynamic resistance and support to the falling asset.

Amid the recent market reversal, the ARB price bounced from $0.42 support to $0.584, registering a 38.2% gain, while the market cap bounced $1.985 Billion. The rising price triggered a bullish crossover between the MACD (blue) and signal (orange) lines, signaling a renewed market sentiment. 

With sustained buying, Arbitrum price should rise 10% to challenge the wedge resistance at $0.64. A potential breakout will accelerate the bullish momentum and drive another 28% rally to $0.8.

On the contrary, if the selling pressure at the overhead trendline persists, the ARB price could revert, signaling the continuation of correction. This reversal may plunge the asset over 20% to seek support at $0.42.

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Frequently Asked Questions (FAQs)

1. What triggered the recent 21% surge in Arbitrum's price?

The 21% surge in Arbitrum's price followed the launch of Franklin Templeton's OnChain U.S. Government Money Fund (FOBXX) on the Arbitrum blockchain, signaling increased investor confidence.

2. How does the falling wedge pattern affect ARB price?

The falling wedge pattern in Arbitrum's price suggests potential bullish momentum, with the price poised to break out if it sustains above key resistance levels.

3. What could delay Arbitrum's anticipated breakout?

Persistent selling pressure at the overhead trendline could delay Arbitrum's breakout, potentially leading to a continuation of its correction phase.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.