Arbitrum’s 91% Rally Targets $1: Next Stop at $1.86?

The ARB price trend maintains a bullish approach with the Bitcoin price dropping below the $95,000 mark. With a 26% surge over the last 7 days, the ARB has a market cap of $3.864 billion.
With the ongoing rally unaffected by the broader market pullback, the upside potential for ARB is growing. Will this growing rally result in a massive 2x rally in December? Let’s find out.
Arbitrum (ARB) Price PerformanceIn the daily chart, the ARB price action shows the Rounding Bottom reversal rally gaining momentum. The decline of the Rounding Bottom pattern coincides with the 38.20% Fibonacci level at $1.12.
Over the past 5 days, the ARB price action has made consecutive bullish candles, accounting for a price jump of 34%. The bull run has exceeded the 200-day EMA and the 23.60% Fibonacci level at $0.86.
Currently, the ARB price is trading at $0.899, with an intraday move of minus 0.70%. This teases a potential retest of the 23.60% level for a bullish recovery. The Rounding Bottom reversal started with a bullish engulfing candle on November 5th and has resulted in a 91% surge until now.
Technical Indicators:
EMA: The rising ARB price has spiked the 50-day and 100-day EMA lines, resulting in a bullish crossover. Further, the 50D and 200D EMA golden crossover chances have significantly increased.
MACD: The bullish trend has prolonged the MACD and Signal Line rally with gradually increasing bullish histograms.
Will Arbitrum Price Hit $250?
The ongoing rally aims to challenge the neckline with the $1 psychological marker resistance on the horizon. In case of a bullish breakout, the uptrend is likely to reach the 78.60% Fibonacci level at $1.8679.
Conversely, the crucial support below the 23.60% Fibonacci level is present at the 200-day EMA at $0.75 and the 50-day EMA at $0.6476.
Curious about Arbitrum’s future? Read our Arbitrum (ARB) Price Prediction for an overview of long-term targets!
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📈 Chart Insights:
20 Days of Continuous Growth: ARBUSDT has shown remarkable momentum, climbing steadily since November 3rd.Volume Climbing, Still Early: While trading volume remains relatively low, it’s on the rise—this indicates we are still in the early stages of a bigger move.MA200 Breakthrough: Breaking above the MA200 daily confirms a significant shift into long-term bullish growth territory.
🎯 Predicted Targets:
Key Fibonacci Levels:1.618 ➡️ $3.632.272 ➡️ $4.922.618 ➡️ $5.61
🟩 Support Zones to Watch:
Immediate support lies at $0.70, ensuring a healthy base for further upside movement.
💡 Insights You Can’t Ignore:
Market Sentiment: With the broader cryptocurrency market showing strong signs of a recovery, ARB could capitalize on growing altcoin momentum in 2024.Arbitrum Ecosystem: The Arbitrum network continues to lead the Layer 2 solutions space, with increasing adoption and utility driving long-term demand for ARB tokens.Bullish Structure: The inverse head-and-shoulders pattern seen in the long-term chart supports this bullish trajectory.
📌 Pro-Tip:
ARB’s fundamentals are strong, and the technicals suggest that this rally could have multi-month potential. It’s a great opportunity to buy and hold with proper risk management.
⏳ Patience is key: Whether ARB swings, dips, or consolidates, the overall trajectory for 2024 and 2025 is undoubtedly upwards!
🔥 Final Thoughts:
Arbitrum is poised to outperform as the crypto market enters its next bull cycle. This is the perfect time to position yourself early for the green altcoin wave.
Personally I am going in Futures with this coin, but if you don't want to any risk, go with Spot.
📣 What’s your take on ARB’s potential? Let me know in the comments below!
💬 Follow me for more insights and detailed crypto analyses. Let’s grow together! Also catch my previous analysis on BTC, ETH, SOL etc on my profile.

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According to Foresight News, the founder of SlowMist, Yu Xian, has tweeted that the Libra Protocol, an inscription project on Arbitrum, is suspected of an exit scam. The creator has reportedly transferred approximately 231 Ethereum to another address. The project, which claimed to be 'the first fair inscription protocol in the world,' was in reality a simple contract on Arbitrum that allowed minting of assets without being open-source. The minting fees for each transaction were sent directly to the creator's wallet address.

BlockBeats reported on November 6th that, according to the Snapshot governance page, the Arbitrum community approved the "Activate ARB Staking" proposal. As per the results, the community supports using 100 million ARB, which represents 1% of ARB's total supply, to finance the staking mechanism. This initiative seeks to further incentivize and foster the community's long-term development by offering rewards to long-standing holders. Over the following year, the new mechanism's effects will be evaluated on the ecosystem by the "Arbitrum Alliance" as they collect data.

 

 

 


 

The Arbitrum protocol has witnessed significant growth in its ecosystem, with GMX playing a crucial role in this expansion. The active involvement of GMX in the DeFi sector has further solidified Arbitrum's position in the market. Despite facing challenges during the summer when low trading volumes affected fee generation, Arbitrum experienced a resurgence thanks to the recent surge in NFTs and increased trading activity. To drive usage and growth, Arbitrum introduced a Short Term Incentive Program (STIP) in September, which allocated 50 million ARB tokens to different protocols. The Perpetuals sector received the largest percentage of grant tokens, positively impacting the usage of recipient products. GMX, as the biggest protocol and grant recipient, utilized its entire ARB grant to incentivize liquidity providers for its v2 product. This approach successfully increased liquidity and trading volume. The revitalization of the network demonstrates its growing activity and appeal, although the long-term sustainability of this trend will depend on the post-incentive period. Currently, ARB is trading at $1.141482, with a slight decline of 2.1% in the last 24 hours.

Two large investors recently earned a profit of $3.29 million by selling 2.77 million ARB tokens. The price of ARB could potentially rise because of two factors.
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The upcoming token unlock and the Ethereum Dencum upgrade. If ARB manages to surpass the resistance level of $2.15, it could see a further increase to $3.

Arbitrum and Ethereum Face Key Events
Arbitrum (ARB) and Ethereum (ETH) are approaching significant events: the token unlock for Arbitrum and the Dencun Upgrade for Ethereum. Recently, two whales moved millions of ARB tokens, depositing 2.77 million tokens into Binance, valued at $5.94 million at the time, resulting in a $3.29 million profit.
The Arbitrum token unlock is set for March 16, with Ethereum’s Dencun Upgrade scheduled three days earlier. While some view these events optimistically for ARB, the token release could flood the market with 1.1 billion tokens, potentially affecting ARB’s liquidity, volatility, and trading volume. Typically, such token unlocks can lead to price declines due to increased supply.

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Ahead of two important $ARB  events next week, two whales 0x141 and 0xc99 jointly deposited 2.77M $ARB  ($5.94M) on #Binance ~8hrs ago, allegedly realizing $3.29M in profit.Please take note of the dates of the 2 upcoming events that can impact the ARB price next week:•… pic.twitter.com/gnDkqWtpAw— Spot On Chain (@spotonchain) March 10, 2024

Despite potential downward pressure from the token unlock, the Dencun Upgrade offers a positive outlook, possibly reducing costs for Layer 2 projects like Arbitrum. Given the proximity of these events, any decline in ARB’s price may be mitigated by increased demand, minimizing the overall impact on the token’s value.
Also Read:   Elon Musk Endorses VC Bullishness on Crypto to AI
Analysis of ARB Price Trends and Potential Scenarios
At the time of writing, ARB was trading at $2.10, marking a 3.04% decline in the past 24 hours, possibly influenced by recent whale sell-offs. However, this dip could present an opportunity for buyers to acquire the token at a discounted rate.

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Examining the 4-hour ARB/USD chart reveals that buyers capitalized on seller exhaustion, establishing support at $2.07. Despite efforts to push the price higher, a new obstacle emerged at $2.15, representing overhead resistance.

ARB/USD 4-Hour Chart
Should ARB successfully surpass the $2.15 resistance level, it could pave the way for a price surge towards $3. However, failure to breach this barrier may result in a decline below $2.
The Relative Strength Index (RSI) indicates bearish dominance, having dipped below the midpoint. However, signs suggest a potential break above this barrier, which could facilitate ARB’s advance beyond $2.15. Meanwhile, the Bollinger Bands (BB) suggest high volatility, implying wide price fluctuations.
In a highly bullish scenario, ARB could achieve a new all-time high, contingent upon significant buying pressure and reduced liquidations. Conversely, in a bearish scenario, the token’s value might decline to $1.85.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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Several members of the Arbitrum community have slammed a proposal from the Bankless DAO requesting a $2 million grant aimed at onboarding new talents into the Arbitrum network and Web3 in general and offering mass education.

What is the Proposal?

On November 24th, Bankless DAO, a decentralized autonomous organization centred on developing the Bankless ecosystem, released via X (formerly Twitter) a thread explaining the details of a proposal. The price tag to facilitate the proposal is 1.82 million ARB tokens, worth nearly $2 million.

The proposal is geared towards fostering collaboration between the DAO and the Arbitrum network for educational purposes. Slated to run for 12 months, the educational program seeks to guide users from simply being informed of the Arbitrum network to becoming experts in the field, regardless of language barriers.

The proposal adds that the focus would be on developers, gamers, and decentralized finance (DeFi) enthusiasts. Through “clear onboarding flows and “how-to” guides,” the training process will be tailored to align with the learners’ abilities. Bankless DAO believes that the proposal will help bring more people into the Web3 ecosystem around the globe.

Part of the learning process, as outlined in Google Docs shared by Bankless DAO, involves two academy courses, hundreds of written content, 22 podcasts, hundreds of marketing campaigns, and more.

Since Bankless DAO’s plan is still a proposal, it has yet to undergo approval before it can be implemented.

Community Members Frown

The proposal was unpleasant to several community members. In tweets, most of those against the proposal revealed their intentions to vote against the DAO’s proposal. One user tagged the DAO’s move as grifting:

“If this grift passes, it’s a clear signal that @arbitrum governance has failed.”

A user even stated that they could get a team to do the job for 10% to 20% of the proposed expenses.

Meanwhile, the Arbitrum network’s native token ARB traded at $1.04 at the time of writing, representing a 13% increase in the past month.

The post Arbitrum Community Slams Proposal Seeking $2M for Educational Purposes appeared first on Coinfomania.