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Arbitrum was among the altcoins that outperformed the cryptocurrency market in December, soaring over 58% on its 30-day price chart. Meanwhile, renowned crypto expert Michael van de Poppe trusts the altcoin could extend its surges past $1.45 before climbing to explore the $2 territory.
I've posted some updates on $ARB.
— Michaël van de Poppe (@CryptoMichNL) December 28, 2023
Retest at $0.98 did work, continuation towards $1.35 as well and even further.
Some beautiful S/R flips, I think $1.40-1.45 should hold and we can continue to $2. pic.twitter.com/wIFEg26zq8
The analysts pointed at ARB’s bullish trajectory, with a successive retest of the $0.98 value area. Also, he mentioned some significant support and resistance flips before the bulls dominate the $1.40 – $1.45 range to support swift upswings to $2.
Arbitrum is a layer2 scaling solution that uses top-notch rollup to boost Ethereum’s cost-efficiency, scalability, and speed. Meanwhile, Arbitrum leverages Ether’s compatibility and security to attain lower transaction charges and heightened throughput.
Meanwhile, the latest ARB price increase reflects the increasing confidence and interest in L2 solutions to alleviate Ethereum challenges such as high fees and network congestion. Arbitrum addresses Ether’s concerns through a cost-effective and more efficient blockchain.
Crypto enthusiasts will likely keep Arbitrum on their radar, considering the impressive price performance and van de Poppe’s bullish forecasts.
ARB price outlook
Arbitrum changed hands at $1.55 during this writing, up nearly 13% over the past 24 hours. It gained more than 35% in the previous week. Meanwhile, ARB showcased remarkable momentum within the past 30 days, soaring 58.73 on the monthly price chart.
Further, the trading volume increased by 162% in the past day.
Surged trading volume amid positive price trends highlights positivity within the Arbitrum network. Continued optimism by market participants could push the altcoin towards the forecasted $2 region. Optimistic ecosystem developments could be crucial in keeping the altcoin afloat.
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