Could Arbitrum Price Reach $2 Mark?

The Arbitrum Daily Chart underlines that price control was in bears’ hands, as it failed to reach previous swing highs and decayed at a constant pace. Also, it has been stumbling below the 20-day EMA. 

However, the price structure was close to the demand area, where fresh buyers could enter. Recent developments are also revving in the arbitrum, which could perhaps become a trigger for the breakout this year.

The official X account of Arbitrum tweeted on May 15th that they had hailed a new orbit chain in the Arbitrum ecosystem. Saltwater Games and the XR Foundation will make and work on it to launch XR One over Arbitrum’s Orbit. 

Would it Be Wise to Invest in Arbitrum now? Let’s delve into the on-chain data analysis!

According to Cihat Ozturk on the X platform, the milestone of 1.12 million active wallet addresses on Arbitrum Crypto’s network has been accomplished. That exemplifies a sturdy advancement in its operational strength. 

The Arbitrum network amasses noteworthy financial might. Each transaction that has been performed by a wallet contributes a fee to the network’s validators. The ARB crypto’s official tweet on X also stated that its ecosystem has attained an all-time high of over 24 Million unique addresses.

In particular, Arbitrum’s developing and surging active wallet count could be a proof to its expanding influence and potential for overall widespread adoption, both by its users and developers within the DeFi terrain.

Can Arbitrum Skyrocket and reach $2.0?

The ARB crypto has been trading at $1.0310 at press time. The technical indicators are bullish, as MACD displayed a bullish cross. The RSI is at 44.82 and has taken support from 14-SMA. 

Therefore, if the demand for the ARB increases, it could bounce back with humongous strength from the current level. The next goal for the price could be reaching $1.550 and $2.000 price levels.

However, if the ARB crypto price fails to sustain above the $0.9100 level, it could decline and reach lower levels.

Summary

The Arbitrum Daily Chart indicates that bears have been in control of the price, but the price structure is close to the demand area, suggesting the potential for fresh buyers to enter. 

Recent developments in the Arbitrum ecosystem, such as the launch of XR One over Arbitrum’s Orbit and achieving 1.12 million active wallet addresses, demonstrate significant progress. 

The ARB crypto has also been trading at $1.0310, with bullish technical indicators. The next price targets could be $1.550 and $2.000, but a failure to sustain above $0.9100 could lead to further decline.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.