Arbitrum (ARB) Crosses Key Moving Average for First Time Since June 5
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Arbitrum (ARB), a leading Layer 2 token, has experienced a 10% price increase within the past week, now trading at $0.73. This growth forms part of an ascending channel, a bullish pattern comprising two parallel, upward-sloping lines. For the first time since June 5, ARB closed above its 20-day Exponential Moving Average (EMA), a key technical indicator suggesting a positive price momentum. Furthermore, the Chaikin Money Flow (CMF) indicator's positive value reinforces this bullish trend. However, data reveals a 2% drop in new addresses and a 10% decline in active addresses trading ARB over the past seven days. These declines indicate the potential fragility of the ongoing rally, emphasizing the need for increased demand to sustain the price surge. The token could aim for a $0.99 valuation if demand picks up. Conversely, profit-taking by market participants could lead to a price drop to $0.55.
Source: beincrypto.com ↗
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