- Arbitrum has surpassed the number of transactions as compared to Bitcoin. It has seen an increase in fees as compared to BTC
- Technical indicators of ARB are favoring a consolidated trend in price.It has seen a drop of 0.6% in the intraday session
Arbitrum is a layer 2 scaling solution on Ethereum with optimistic rollups. It is a scaling solution that provides lower cost and provides higher speed. They benefit from the security and compatibility of Ethereum. It allows developers to deploy programs in the popular languages like C++ while having a vibrant ecosystem for the developers. Arbitrum has a total of $7.04 Billion as a TVL with 66.9% of the rollup market share. They have over 4.1 million users in their ecosystem. Meanwhile, the transaction fees in Arbitrum have surpassed Ethereum. The network has collected fees of $794,411 in the past 24 hours and BTC has collected $599,827 as per the data by crypto fees. Although the 7-day average of BTC still remains high. Arbitrum has seen a decline in the daily unique users but can see a revival soon. It has over 352,246 holders with 157,756 unique depositors which can grow more in the future.
Arbitrum has a market cap of $1.8 Billion and is ranked 34th in the crypto-verse. The volume of the ARB has seen a drop of 54% in the intraday session. The volume-to-market cap ratio of the asset suggests a consolidated trend in price.
ARB Looking To Test New Low In the Future
The weekly technical chart of ARB suggests a consolidated trend in price. On the daily chart, it is trading near the value of $1.44 with a small drop in the intraday session. It has been forming a bearish candle in the daily chart. The upside trend of ARB can see a halt near the value of $1.8. Meanwhile, the downside trend of the asset price can see a bounce back near $1.3.On the 4-hour chart, it is moving in a consolidated trend.It is moving in between the 50 and 100 Daily Moving Average. It can see a negative crossover which can push the asset price to a new high.
The RSI of ARB is near 40 suggesting its presence in the oversold zone. There is no slope in RSI hinting towards a consolidated trend.
Conclusion
Arbitrum has surpassed transaction fees as compared to Bitcoin. ARB is currently moving in a consolidated trend but can move to a new high in the future.
Technical Levels
Major Support:$1.2
Major Resistance:$1.8
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Source: https://www.thecoinrepublic.com/2023/04/23/arbitrum-surpasses-btc-in-transactions-fees-will-price-do-the-same/