Is Arbitrum (ARB) Gearing Up for a Rally? Price Gains Signal Hope
Arbitrum (ARB) has emerged as a major player in the decentralized exchange (DEX) market, accounting for over 14% of overall DEX volume, according to data from IntoTheBlock. However, only about 2% of $ARB holders are currently in profit. This raises the question of whether this is an opportunity for long-term accumulation or a potential warning sign of underlying challenges.
Despite these figures, ARB has shown resilience and may be on the verge of upward momentum. Over the past week, ARB has gained nearly 5%, although it remains down by 7% over the last 30 days.
As of the time of writing, the price of Arbitrum is $0.521658 with a 24-hour trading volume of $208.58 million. Its market cap stands at $1.82 billion, giving it a market dominance of 0.09%. The ARB price has also increased by 1.11% in the last 24 hours.
This data presents a mixed picture: the growing dominance in DEX volume is a positive sign, but the small percentage of profitable holders could signal a longer road ahead for many investors. The recent price gains, however, might suggest that Arbitrum could be gearing up for a more sustained rally
Arbitrum Eyes $1.605: Analyst Hints at Major Breakout
Well-known crypto analyst Jonathan Carter recently shared a bullish outlook on Arbitrums (ARB) price trajectory. According to Carter, Arbitrum has recently hit a new all-time low but is now holding strong at a key support zone, indicating a potential shift in momentum.
Carter points out that ARBs current price is showing signs of breaking above the descending resistance trendline, which would be a significant development. However, for a bullish confirmation, the breakout must hold above the resistance level until the 3-day candle closes.
If the bullish trend does materialize, Carter sets a long-term price target of $1.605 for ARB, signaling a potential opportunity for investors looking to capitalize on this price action. This outlook suggests that while the short-term market has been volatile, there is a chance for significant upward movement in the near future if these key levels are maintained.
Related Reading | Circle Faces Lawsuit Over $1 Million USDC Lost To Incorrect Wallet Address
Read more: https://www.tronweekly.com/is-arbitrum-arb-gearing-up-for-a-rally/
Text source: TronWeekly
