Tech

Arbitrum’s ARB Goes Parabolic: What’s Happening?

10 hours ago
Bitcoin Ethereum News

Key Notes

  • ARB surged 17.5% on Monday with trading volume jumping to $650 million.
  • Confirmation of a Robinhood-Arbitrum partnership could drive the next rally.
  • Community sentiment remains 84% bullish on CoinMarketCap.

As the week begins, Arbitrum’s ARB

ARB
$0.36



24h volatility:
16.0%


Market cap:
$1.77 B



Vol. 24h:
$683.36 M

token has jumped 17%, along with a 460% spike in its 24-hour trading volume to $650 million. This surge in investor interest comes amid speculation of a partnership with the popular trading platform Robinhood Markets Inc.

On June 29, Robinhood announced on X a fireside chat between Ethereum co-founder Vitalik Buterin, Robinhood Crypto’s Johann Kerbrat, and Offchain Labs’ A.J. Warner. The chat is part of Robinhood Europe’s event in Cannes, France, teasing its “biggest crypto announcements of the year.”


Talks of Robinhood building a blockchain platform to allow European investors to trade US stocks had already surfaced in a Bloomberg report in May, hinting that Arbitrum and Solana were under consideration for integration.

Former Ethereum core developer Eric Connor posted on X, “Looks like Robinhood chose Arbitrum,” fueling bullish sentiment within the crypto community.

ARB Posts Market-Leading Gains

CoinMarketCap suggests that ARB is one of the top gainers in the market over the past day. At the time of writing, the 46th largest cryptocurrency is trading just above $0.36 after touching an intraday high of $0.38, up from $0.31 following Robinhood’s post.

This move has added over $270 million to ARB’s market capitalization in a day. Community sentiment remains optimistic, with CoinMarketCap reflecting 84% bullish votes on ARB’s prospects.

Popular crypto trader on X, CryptoProfessor, suggested that ARB’s surge could create “life-changing money-making opportunities” in the coming months if momentum sustains.

 

However, traders remain cautious given the broader crypto market’s volatility and ARB’s prior sharp declines. Notably, ARB is still 85% down from its January 2024 peak of $2.40.

The crypto community is watching the Cannes event closely. Until the official announcement, ARB’s movement will likely remain highly reactive to speculation. Traders are positioning for a potential breakout or a retracement if the partnership rumors remain unconfirmed.

ARB Price to 50 Cents?

On the daily ARB chart, the price is testing the upper Bollinger Band near $0.38, indicating strong short-term momentum but also suggesting potential overextension. Traders should watch for a major support around the mid-band (20-day SMA) near $0.32 in case of a price drop amid an unconfirmed partnership.

Arbitrum’s ARB Goes Parabolic: What’s Happening?

Meanwhile, the RSI has sharply climbed to 57.93, indicating growing bullish momentum without being overbought yet. A clear break and daily close above the $0.38 resistance could lead ARB towards $0.42 and $0.48 resistances.

next

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Cryptocurrency News, News

Parth Dubey

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

Parth Dubey on LinkedIn

Source: https://www.coinspeaker.com/arbitrums-arb-goes-parabolic-whats-happening/