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Home»ADOPTION NEWS»Arbitrum Token Price Drops Below $2: What’s Next for ARB? – DeFi information
ADOPTION NEWS

Arbitrum Token Price Drops Below $2: What’s Next for ARB? – DeFi information

By Crypto FlexsFebruary 24, 20243 Mins Read
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Arbitrum Token Price Drops Below : What’s Next for ARB?  – DeFi information
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Arbitrum (ARB), an Ethereum layer 2 scaling solution, recently experienced a price decline, falling below the $2 mark after a brief attempt to set a new price floor. This decline, caused by a number of factors, including increasing selling pressure and weak technical indicators, raises questions about the token’s near-term trajectory while also highlighting its long-term potential.

ARB price losing its grip on the $2 handle. Source: Coingecko

Heavy selling triggers a downward spiral.

The price decline began with a surge in selling pressure, particularly from Convex Finance. In the last 24 hours, the DeFi giant offloaded 901,392 ARB tokens worth $1.63 million at an average price of $1.8 per token.

The move, which netted the company over $400,000 in profits since acquiring its tokens through an airdrop last year, sparked a domino effect and other investors followed suit.

$ARB The price has fallen ~9% in the last 24 hours!@ConvexFinance Prices worsened further with 901,392 units sold. $ARB ($1.63 million): 559.4 $ETH In the last 45 minutes it was ~$1.812.

they received it $ARB In the April 2023 DAO airdrop, it was only valued at $1.2 million at the time.

Token Flow:… pic.twitter.com/09al0a71Oj

— Spot on Chain (@spotonchain) February 22, 2024

Bearish indicator strengthening the downtrend

Technical indicators on the daily time frame charts further deepen the downtrend. The short-term moving average (SMA), which previously served as support near $2, has turned into resistance. The Relative Strength Index (RSI) fell below the neutral line, suggesting a weak but dominant downtrend.

Despite decline, there are signs of resilience. The token experienced a slight recovery of 0.2% and is currently trading at around $1.88. Additionally, funding rates on derivatives platforms such as Coinglass remain positive at 0.014%, indicating that buyers are less aggressive than before but still retain some control.

ARBUSD trading at $1.77 on the 24-hour chart: TradingView.com

Low derivative interest: a word of caution.

However, the derivatives market paints a less optimistic picture. Open interest, a measure that reflects the total capital locked in futures contracts, is approximately $254 million, indicating relatively low interest in ARB compared to other tokens. This lack of participation could potentially limit upward momentum and price stability.

Long-term prospects remain promising

Despite the recent price decline, Arbitrum boasts strong fundamentals and long-term potential. Fast, affordable transactions continue to gain traction with increased developer adoption and ecosystem development. Recent partnerships, such as Arbitrum’s launch of ApeCoin’s ApeChain, further solidify its position as a leading layer 2 solution.

Although current price movements suggest a period of consolidation, Arbitrum’s long-term prospects remain promising. Investors should carefully consider market trends, technical analysis and fundamental factors before making investment decisions.

Featured image by Kamil Pietrzak/Unsplash, chart by TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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