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Home»ALTCOIN NEWS»Arbitrum deflects optimism on this front – what about ARB prices?
ALTCOIN NEWS

Arbitrum deflects optimism on this front – what about ARB prices?

By Crypto FlexsFebruary 17, 20243 Mins Read
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Arbitrum deflects optimism on this front – what about ARB prices?
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  • ARB’s daily active addresses have increased, but the number of transactions has decreased.
  • Arbitrum is down more than 4% in the last 24 hours and the indicator is bearish.

Arbitrum (ARB) Network activity has been increasing for quite some time, allowing it to surpass its top competitors. While that is happening, the token’s price action has turned bearish over the past 24 hours, which has been concerning.

teaTherefore, AMBCrypto looked deeper into Arbitrum’s metrics to better understand its health.

Arbitur trumps optimism.

Posted by Nansen Twitter On February 16, we highlighted some interesting facts related to Arbitrum.

According to the tweet, Arbitrum exceeded: Optimism (OP), one of the best contenders in daily activities. ARB’s daily transaction count is between 600,000 and 900,000, while OP’s index is between 300,000 and 400,000, which is almost half of ARB’s.

This clearly shows how the adoption and use of ARBs is increasing.

To verify that L2’s network activity is actually increasing, AMBCrypto uses Artemis’ data. Our analysis shows that ARB’s daily active addresses have risen once again after declining on February 9th.

Despite the recent increase in active addresses, it was surprising to see that the number of daily transactions on L2 has declined sharply over the past 30 days.

Source: Artemis

Interestingly, while daily transactions on blockchain have declined, the picture in terms of value captured appears optimistic. Both L2’s fees and revenues have gained upward momentum recently, which is good news for L2’s overall health.

ARB is undervalued

In addition to the network’s activities, Nansen’s tweet also noted that ARB is undervalued. Basically, according to the tweet, Arbitrum has ~2x lower P/S (fully diluted market cap/annualized fees) and P/F (fully diluted market cap/annualized revenue) compared to Optimism.

This suggested that the token may be slightly undervalued.

Therefore, AMBCrypto took a look at ARB’s daily chart to see if investors should expect an upward price trend. We noticed that Chaikin Money Flow (CMF) is showing a slight upward trend, which is a bullish sign. However, the remaining indicators showed a downward trend.


read Arbitrum (ARB) price prediction 2024-25


For example, MACD has indicated a possible bearish crossover. The relative strength index (RSI) also showed a downward trend, indicating the possibility of a price decline.

Actually it looks like this: CoinMarketCap, ARB is already down more than 4% in the last 24 hours. At press time, it was trading at $1.99, with a market capitalization of over $2.5 billion.

Source: TradingView

Next: 7 Memecoins to Watch During the Next Bull Market!

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