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Highlights
- Arbitrum now processes over 1 billion transactions across its One and Nova networks.
- The ARB price developing fresh higher lows under the influence of inverted head and shoulder.
- The intraday trading volume in ARB is $437 Billion, signalling declining trader interest.
Arbitrum Price Prediction: The Bitcoin price hovering above $67000 since last week has sparked a broader market consolidation. Along with most of the major altcoins, the Arbitrum shows this uncertainty in price behaviors. The coin price is developing alternative green and red candles in the daily chart between the horizontal levels of $1.26 and $1.12. Will this lack of initiation from buyers or sellers lead to a prolonged sideways trend in the ARB price?
Also Read: El Salvador and Cathie Wood To Boost Capital Markets Using Bitcoin
Arbitrum Price Prediction: Inverted H&S Pattern Hints Major Reversal
Amid the broader market recovery, the Arbitrum developed a local bottom at $0.923 level. A potential turnaround from this support has uplifted the altcoin value by 38% to challenge the overhead resistance at $1.275.
The ongoing rally in ARB price is likely driven by significant growth in network activity, highlighted by Arbitrum’s recent milestone of processing over 1 billion transactions across its One and Nova networks.
Additionally, data from the on-chain analytics aggregator DeFiLlama reveals that the Total Value Locked (TVL) in Arbitrum has surged from $2.34 billion at the onset of May to $3.093 billion, marking a substantial growth of approximately 32.2%.
This increase in TVL signifies growing confidence and investment in the Arbitrum network, indicating a robust and expanding ecosystem that continues to attract more users and capital.
An analysis of the daily chart shows the ARB price developing a bullish reversal pattern called inverted head and shoulder pattern. If the chart setup holds true, the Arbitrum currently trading at $1.18 could breach the overhead resistance of $1.275.
This potential breakout will accelerate the buying momentum and set the asset for higher targets at $1.6, followed by $1.74.
Technical Indicator:
- Exponential Moving Average: A recent breakout from the 20-day EMA could offer buyers dynamic support to lead the higher rally.
- Relative Strength Index: The daily RSI slope above 55% reflects a bullish sentiment among market participants.
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