Arbitrum (ARB) price has remained highly volatile since its launch in March 2023. After an initial surge, ARB coin has been in a tailspin for the past few months. The price rebounded strongly from its June lows but is once again hanging by a thread.
On Friday, Arbitrum crypto recovered 2.5% after a 3.95% drop on Thursday. Other altcoins are also showing some gains. However, the overall market sentiment remains negative as the BTC price is hovering around the key psychological level of $30,000.
There has been a significant decrease in total locked value on the Arbitrum layer 2 network. The TVL has fallen from $2.46B to $2.13B in the last two months. This suggests that the network participants have moved some of their capital to other networks. Nevertheless, Arbitrum remains one of the top 4 blockchains in terms of total locked value.
The decrease in TVL can also be attributed to a pullback in Arbitrum price. According to Coingecko, ARB crypto is the 38th biggest digital asset in the world, with a market capitalization of $1.4 billion. The cryptocurrency is currently 87% down from its all-time high.
Currently, ARB coin is trading 19% above its last month’s lows. The latest analysis reveals that the price is still maintaining this local uptrend, but time is running out for bulls. A daily candle closure below $1.05 will make Arbotrum price prediction bearish once again.
ARB has recently broken out of the downward trendline, which is visible in the following chart. A successful retest of this line may act as a strong bullish reversal signal. The SEC’s ongoing crackdown on cryptocurrencies will keep the prices in check in the coming weeks and months.
I’ll keep posting my updated Arbitrum analysis and my personal trade setups on Twitter, where you are welcome to follow me.
This post was last modified on Jul 07, 2023, 09:30 BST 09:30