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Arbitrum hits a new all-time low. Arbitrum coming token unlock as balance in addresses grows. Arbitrum [ARB] launched on 23rd March, 2023, with an initial price of around $0.50 on many big exchanges. ARB surged to an all-time high in early 2024 but has since dropped below its launch price, forming a potential double bottom on the daily timeframe. This double bottom has not yet confirmed a reversal since ARB hasn’t displaced its medium-term high. Source: TradingView Despite this, many analysts believe ARB may have reached its bottom, especially with the historical trend of a bullish Q4 for the crypto market. Technical indicators like the MACD have turned bullish, adding to the anticipation of a price bounce. Total addresses with balance growing From an on-chain perspective, Arbitrum has experienced growth in the number of addresses holding ARB, despite the overall decline in price since its launch. This increase highlights continuous adoption of Arbitrum’s Layer 2 solution built on the Ethereum blockchain, which aims to improve scalability and reduce transaction costs. Source: IntoTheBlock Arbitrum DAO, the governance body for the network, is seen as a significant innovation, marking the first Ethereum Virtual Machine (EVM) rollup to reach Stage 1 decentralization, further solidifying the project’s credibility in the crypto space. Arbitrum liquidation levels Price movement for ARB has been influenced by liquidation levels. Currently, there are 31 critical long liquidation levels compared to 32 short liquidations, suggesting market sentiment remains balanced. This near-equal distribution of long and short liquidations implies that traders are unsure of ARB’s next move, but optimism is slowly building. This neutral sentiment reflects the overall market conditions as most cryptos have been in decline, with many investors liquidating their positions. Source: Hyblock Capital Upcoming ARB token unlock this month In five days, Arbitrum will unlock 2.65% of its…

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Filed under: News - @ September 12, 2024 11:20 am