Arbitrum (ARB) Maintains Impressive 30% Price Uptrend, Analyst Predicts Breakout Above $2
03 January 2024 - 12:30PM
NEWSBTC
Arbitrum (ARB), a prominent Layer 2 (L2) protocol, has emerged as
one of the top gainers in the past month, experiencing a remarkable
surge of 59%. Over the past 7 days, the token has grown
substantially over 31%, propelling it to reach a new all-time high
(ATH) of $1.8391 on Monday. Arbitrum’s Market Capitalization
Surges To $2.21 Billion The impressive price surge of ARB reflects
the growing interest in the protocol and its native token within
the Layer 2 ecosystem. This surge is evident when examining the
data provided by Token Terminal, a leading analytics
platform. According to Token Terminal’s data, Arbitrum’s
market capitalization (circulating) is $2.21 billion, marking a
significant increase of 56.18%. Additionally, the revenue
generated by the protocol over the past 30 days amounts to $11.31
million, representing a substantial surge of 87.74%. Related
Reading: Dogecoin Is Bullish? Crypto Analyst Gives Reasons Why
Investors Should Pay Attention The fully diluted market
capitalization is $17.33 billion, reflecting the market’s positive
sentiment toward the protocol’s potential. The revenue on an annual
basis reaches $137.63 million, exhibiting an impressive growth of
106.63%. Moreover, the strong performance of the market indicators,
such as the P/F ratio (fully diluted) at 125.95x and the P/S ratio
(fully diluted) at 125.95x, indicate robust investor
confidence. The fees generated by the protocol over the past
30 days amount to $11.31 million, representing a significant
increase of 87.74%. Additionally, the annualized fees reached
$137.63 million, demonstrating a substantial growth of
106.63%. Furthermore, the data reveals that Arbitrum has a
strong user base, with an average of 153,3100 active daily users
over the past 30 days, highlighting its popularity and
adoption. Even more encouraging is that a prominent crypto
analyst foresees continued growth in price action for ARB. Clear
Uptrend In ARB Signals Potential Breakout Renowned crypto analyst
Michael van De Poppe has identified a clear and promising uptrend
in the cryptocurrency ARB. Through his technical analysis,
van de Poppe observes that the token has been consistently
experiencing “beautiful retests” of previous resistance levels,
which have now transformed into strong support zones. Related
Reading: Bitcoin’s Road To Record Heights: Analysts Forecast
Post-Halving Surge If the current price trajectory continues,
Michael van De Poppe suggests that investors should keep an eye on
a potential optimal “go-to zone” for ARB between $1.50 and
$1.60. This zone represents a strategic level where the token
may experience a retest before deciding to break the psychological
barrier of $2. It remains to be seen if this prediction will come
true and how ARB’s price action will develop through the first half
of 2024. Featured image from Shutterstock, chart from
TradingView.com
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024