thecoinrepublic.com
- 1 Arbitrum has observed a decline of $600 Million in TVL in the last few months
- 2 ARB price is currently observing a weak consolidated trend in price. It has seen a decline of 1.73% in the intraday session.
Arbitrum is a layer 2 scaling solution which uses optimistic rollups to achieve its goals. The protocol benefits from the security and compatibility of Ethereum. It was developed by Offchain labs which is a NewYork based development company. The founders of the Arbitrum are ED and Steven who are the researchers of Princeton university.
Arbitrum has a total of 112998 active wallets with very low transaction fees. ARB has a total TVL of $1.75 Billion which is declined from the high of $2.45 Billion. Meanwhile, the fees of the protocol have seen no significant change in the past few months. In comparison to OP, ARB has seen a surge in the gasses used by L2 smart contracts. Meanwhile, the transactions of the Arbitrum have seen no significant change in the past few months. The protocol has also observed a strong rise in contracts deployed per week as per the Dune Analytics
Arbitrum has a market cap of $1.2 Billion and is ranked 37th in the crypto-verse. It has a total supply of 10,000,000,000 ARB with a circulating supply of 1,275,000,000 ARB. The volume to market cap ratio of ARB price suggests a consolidated trend in price.
Will ARB Price See A Breakout Soon?
Arbitrum is currently observing a strong bearish trend on the daily chart. ARB price is currently trading near the value of $1.043 with a drop of 1.81% in the intraday session. Meanwhile, the upside trend of ARB can see a halt near the value of $1.5. Meanwhile, the downside trend of the asset price can see a bounceback from $0.85. The asset price is trading below the 50 and 100 Daily Moving Averages. If the ARB price jumps above the DMA then a strong upside momentum can be observed in the future.
The RSI of ARB is near 32 suggesting its presence in the oversold zone. The overall sentiment of the RSI is bearish.
Summary
Arbitrum is currently observing a decline in TVL and overall fees in the past few weeks. ARB price has been moving in a consolidated trend in price and can move to new high in the future.
Technical Levels
Major Support:$0.88
Major Resistance:$1.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.