The post ARB eyes major breakout: Will Arbitrum surge to $1.50 soon? appeared on BitcoinEthereumNews.com.

ARB holders anticipated a breakout, with a potential 182.72% price surge from current levels. Despite declining activity, ARB’s $2.47 billion TVL suggested strong DeFi performance amid price uncertainty. Arbitrum [ARB] was trading at a crucial level at press time, with analysts suggesting a potential breakout could lead to a significant price surge. The token has been trading in a descending channel for an extended period, consistently hitting resistance at the top of the channel and finding support at the bottom.  At the time of writing, ARB’s price hovered around the upper boundary of this channel, hinting at a possible bullish reversal if it breaks above this critical level. According to a recent analysis, the price of ARB could rise to approximately $1.50 if a breakout occurs. This projection marked a potential 182.72% increase from its current value of $0.5082. As the token continued to test the resistance level, traders are closely monitoring its next move to see if it will trigger a significant rally. Source: X Decline in ARB price and trading activity Despite a potential breakout, ARB’s recent price action has been less favorable. ARB has seen a -5.07% decline in the last 24 hours and a -1.11% decline over the past seven days. With a circulating supply of 3.5 billion ARB tokens, its press time market cap stood at $1.77 billion. Alongside the price drop, on-chain activity has also decreased. Data shows that ARB’s transaction volume has been trending downward, with a 7-day average of 50.7k transactions. The highest transaction volume in this period was 61.64k on September 11, while the lowest, 31.18k, was recorded on the 14th of September.  Source: IntoTheBlock Moreover, large transactions have also seen a decline, with only 51 recorded in the last 24 hours, a drop from a peak of 110 on the…

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Filed under: News - @ September 17, 2024 1:27 am