Finance

Arbitrum Price Prediction: Is ARB Poised To Grow Beyond $5 In 2023?

04/17/2023
Bitcoin Ethereum News

Arbitrum is an Ethereum Layer 2 solution that uses optimistic rollups to achieve high speed and scalability. It has a higher throughput and less fees as compared to Ethereum. Meanwhile, Arbitrum Dao can be considered a massive step as it will be the first EVM tech to achieve stage 1 decentralization. Meanwhile, Arbitrum generated a profit of $2.5 Million in March 2023 as per Messari. Arbitrum has been able to outperform its competitors like Optimism in various aspects. It has surpassed the Optimisim revenue in the 2023 first quarter.  Optimism has an average transaction fee of $0.3188 and ARB has a transaction fee of $0.249 as per Dune Analytics. The number of active wallets is approximately 3 times the Optimism. ARB has a total number of 330615 holders as per their official website. ARB TVL has also observed strong growth which may help the price rise to a new high.

Arbitrum has a market cap of $2.05 Billion and is ranked 34th as per its market cap on CMC.

Will ARB Hit Above $2 Soon?

Source:Tradingview

ARB has been a hot topic among crypto enthusiasts as it has seen a rise from $0.5 to $1.7 within a few days.  The price has also observed a small gain after the Shanghai upgrade. It is currently trading near the value of $1.61 with a drop of 3.5% in the intraday session. It has recently tested an all-time high on a few of the exchanges. The upside trend of ARB can see a halt near $2.Meanwhile, the downside trend of the asset price can observe a bounceback from $1.4.On the 4-hour chart, ARB price is consolidating above $1.61. There is a positive crossover between 50 and 100 Daily Moving Average which can push the price further high.

The RSI of ARB on the 4-hour chart is near 60 with no slope in it. The overall sentiment of RSI is neutral.

Summary

Arbitrum has seen strong growth and has surpassed OP in terms of revenue. ARB price is currently consolidating near a crucial zone and can see a new high in future.

Technical Levels

Major Support:$1.4

Major Resistance:$2

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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/2023/04/16/arbitrum-price-prediction-is-arb-poised-to-grow-beyond-5-in-2023/