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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Arbitrum (ARB) Price Displays Strength, Backed By On-Chain Activity

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Arbitrum ARB

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The Arbitrum (ARB) price has retraced in line with the market-wide correction over the past few days, falling close to a critical support level. In the current environment, altcoins in general continue to show weakness across the board. However, one altcoin that is exhibiting relative strength, backed by on-chain activity, is ARB.

Arbitrum is an optimistic L2 rollup with the main purpose of helping Ethereum scale by enabling L2 transactions with much faster confirmation time. The project has established itself as one of the top names in decentralized finance (DeFi) in recent months. Remarkably, it also houses the most popular perpetual DEX with GMX.

ARB Price Shows Relative Strength

A look at the ARB/BTC chart (2-hour chart) shows that the altcoin has formed an uptrend in recent days. The ascending triangle has its resistance line at 0.00004737. If ARB writes further higher lows against BTC despite the generally pressured altcoins market, it could ultimately break through the resistance and rally towards 0.00004850.

Arbitrum ARB price
ARB/BTC price, 2-hour chart | Source: ARBBTC on TradingView.com

The 4-hour chart ARB/USDT reveals that Arbitrum is currently holding just above the most crucial support level at $1.29. If the price level is breached to the downside, the $1.20 to $1.24 range would be key.

Related Reading

Arbitrum (ARB)

Bullish Momentum Expected For ARB As Arbitrum Completes DAO Airdrop

1 year ago

To the upside, the key resistance is at $1.42. However, on the way up the 200-day EMA, currently sitting at $1.35, could also provide some minor headwinds. Fueled by a Bitcoin rally, however, the resistance at $1.42 seems within reach without further ado. Should BTC break above $30,000, ARB bulls could even target a move up to $1.56.

Arbitrum ARB price
ARB price, 4-hour chart | Source: ARBUSDT on TradingView.com

Arbitrum On-Chain Activity Remains Ultra Strong

Arbitrum’s current technical strength on the charts coincides with its on-chain activity. Most metrics for Arbitrum are at an all-time high. Most importantly, the growth of the Arbitrum ecosystem has remained solid after the airdrop, showing increased activity, as researched by analyst Francesco, who states:

Contrary to what was expected after the airdrop, TVL is rising: GMX still remains the best perpetual DEX, and Arbitrum still remains the home of DeFi due to its composability, cheap fees, and fast confirmation times.

Related Reading

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Arbitrum Soars 44% To Record Highs As Whales Splash Millions On ARB Tokens

1 year ago

Arbitrum leads on almost every metric, especially TVL. The fact that more users have switched to zkSync is most likely due to airdrop hunters.

Arbitrum vs other L2s
Arbitrum vs other L2s | Source: Twitter @francescoglt

Arbitrum’s TVL is currently over $2.2 billion, an increase of over 100% compared to the fourth quarter of 2022. The primary reason for this is the perpetual DEX called GMX, which is Arbitrum’s leading protocol with over $500 million or 26% of TVL.

Top decentralized exchanges
Top decentralized exchanges | Source: Twitter @francescoglt

However, with Radiant, Stargate and Camelot DEX, Arbitrum based projects also occupy three more places within the top 6 decentralized exchanges, underlining the growth of the entire ecosystem. Furthermore, Arbitrum ranks 4th among all blockchains by TVL, just behind the layer-1’s Ethereum, Tron, and BSC.

Featured image from Nansen, charts from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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