Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Arbitrum poised for breakout as price eyes $1.50 target

Arbitrum poised for breakout as price eyes $1.50 target

GrafaGrafa2024/09/17 03:50
By:Mahathir Bayena

Arbitrum (CRYPTO:ARB) is on the brink of a potential breakout as it tests a crucial resistance level. 

The token has been trading within a descending channel, consistently bouncing between support and resistance levels. 

At the time of writing, ARB’s price was around $0.5082, near the upper boundary of the channel. 

If it breaks through this resistance, analysts predict a significant bullish reversal could push ARB’s price up to $1.50, representing a potential 182.72% surge from its current level.

Despite the optimistic outlook, ARB has recently experienced less favorable price action. 

The token has seen a 5.07% decline over the last 24 hours and a 1.11% drop over the past week. 

Its market cap stands at $1.77 billion with a circulating supply of 3.5 billion tokens. 

On-chain activity has also slowed, with the 7-day average transaction volume at 50.7k transactions. 

The highest transaction volume during this period was 61.64k on September 11, while the lowest was 31.18k on September 14. 

Large transactions have also decreased, with only 51 recorded in the past 24 hours, down from a peak of 110 on September 10.

Despite the dip in price and trading activity, ARB’s fundamentals in the DeFi space remain strong. 

The total value locked (TVL) on the Arbitrum platform is robust, standing at $2.47 billion, according to DefiLlama. 

The stablecoin market capitalisation on the platform is $4.701 billion, with $11,118 in fees and $9,417 in revenue over the last 24 hours. 

These strong metrics suggest that the DeFi ecosystem around Arbitrum is healthy, even though the price has not yet reflected this strength.

However, mixed signals from on-chain metrics reveal both positive and negative trends. 

The number of new addresses increased by 13.73% over the past week, reaching 2.24k, while active addresses dropped by 6.67% to 9.66k. 

Additionally, the number of zero-balance addresses has risen by 8.28%, indicating a higher number of dormant accounts. 

Despite these mixed signals, the possibility of a breakout still looms large, and traders are closely watching for ARB to break past the resistance level, potentially igniting a rally.

At the time of reporting, the Arbitrum (ARB) price was $0.5076.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!