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The cryptocurrency market has been experiencing a pullback after Bitcoin, Ethereum, and many other cryptocurrencies recorded a new all-time high.

This situation also negatively influenced Arbitrum (ARB). According to analysts, a pullback on the cryptocurrency market can be attributed to a combination of profit-taking, negative news, market saturation, and speculative trading dynamics.

Arbitrum (ARB) has weakened from $2.25 to $1.38 since March 13, 2024, and the current price stands at $1.50. Additionally, the number of daily active addresses on the Arbitrum network dropped last week to one of the lowest levels seen since January. This indicates a significant decline in user interaction and transaction activity.

But where is the price of Arbitrum (ARB) going next, and what can we expect from the rest of April 2024?

Today, Crypto Lists will discuss Arbitrum (ARB) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Arbitrum offers faster speed at a significantly lower cost

Arbitrum is an Ethereum layer-two (L2) scaling solution that provides faster speeds at a significantly lower cost, with the same level of security as Ethereum. Layer 2 solutions are designed to improve the efficiency of Ethereum by processing transactions and smart contracts off-chain or in a manner that reduces the burden on the Ethereum mainnet. While Ethereum only handles 14 transactions per second, Arbitrum significantly outpaces it with 40,000 transactions per second. Transaction costs on Ethereum amount to several dollars per transaction, whereas on Arbitrum, they are approximately two cents each.

Arbitrum was developed by Offchain Labs, and it uses optimistic rollups to achieve its goal of improving speed, scalability, and cost-efficiency. It is also important to mention that Arbitrum derives its security from the Ethereum network, which provides consensus and finality for Arbitrum transactions. In other words, Ethereum guarantees the validity of the rollup’s off-chain computation and data availability behind the computation.

Arbitrum facilitates unaltered EVM contracts while enabling developers to deploy programs written in widely-used programming languages such as Rust, C++, and others through Stylus, its forthcoming EVM+ equivalence feature. Arbitrum’s native token is ARB, which allows ARB holders to vote on proposals that affect the features, protocol upgrades, and funds allocation. Developers can use ARB tokens to incentivize users to participate in specific activities, such as providing liquidity or using dApps built on Arbitrum.

Rating: 9.5/10
Supply: 1,275,000,000
Release date: March 23, 2023

Description: Discover Arbitrum and be part of the cryptocurrency revolution.

Risk warning: The crypto market is volatile. Don’t risk more money than you can afford to loose.

The number of daily active addresses significantly dropped

The price of Arbitrum (ARB) is usually tied to the overall sentiment on the cryptocurrency market, and like many other cryptocurrencies, ARB lost value after Bitcoin weakened from its record highs. Not long ago, Arbitrum (ARB) was trading above $2.25 ( March 13, 2024), but since then ARB has significantly lost in value, and despite the current jump, the risk of another decline is still not over. Many crypto analysts say that it is yet uncertain whether Bitcoin will continue to trade near $70,000 amid ongoing volatility but what is for sure is that the prices of many cryptocurrencies will decrease in value even more if Bitcoin falls again below $65,000.

Bitcoin exchange-traded funds (ETFs) had big outflows in the last several weeks and according to JPMorgan analysts, the cryptocurrency market still remains in “overbought territory” which indicates that the worst is not behind us. Another negative information is that the number of daily active addresses on the Arbitrum network dropped last week to one of the lowest levels seen since January which indicates a significant decline in user interaction and transaction activity.

A slowdown in net inflows and decreased user activity are certainly negative factors for ARB that will continue to influence the price of this cryptocurrency in the weeks ahead. Arbitrum (ARB) is a highly risky investment and investors should consider that ARB can be subject to speculative trading, and speculative traders may take advantage of a broader market downturn and sell off their altcoin holdings, including ARB, contributing to its price decrease.

Technical analysis for Arbitrum (ARB)

Arbitrum (ARB) has weakened from $2.25 to $1.38 since March 13, 2024, and the current price stands at $1.50. Despite the current jump, bears still control the price movement, and in the weeks ahead, the price of ARB could be again under selling pressure. In the chart below, I marked the important resistance level, and as long the price of Arbitrum (ARB) is below this level, we can’t talk about a trend reversal, and the price of ARB remains in the SELL-ZONE.

Technical analysis for Arbitrum (ARB)

Important support & resistance levels for Arbitrum (ARB)

Important support & resistance levels for Arbitrum (ARB)

On this chart (the period from October 2023), I marked important support and resistance levels that can help traders understand where the price could move. Arbitrum (ARB) has weakened from its recent highs, but if the price advances above $1.8, the next target could be an important resistance level at $2.

The important support level is $1.40, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $1.20. If the price drops below $1.20, which also represents an important support level, the next target could be located around $1.

What speaks for the rise in the Arbitrum (ARB) price

A period since March 13, 2024, has been negative for the price of ARB, but the positive information is that in the last twenty-four hours, there has been a surge in the volume of transactions for ARB. This reflects a certain level of enthusiasm among traders but for the bulls to take again control of the price, a move above $1.8 would be beneficial.

At the same time, the growth of Bitcoin, just like the rest of the cryptocurrency market is an important factor that has a positive influence on the price of ARB.

What indicates the downfall of Arbitrum (ARB)

The downfall of Arbitrum (ARB) can be influenced by a wide range of factors, including negative news around Arbitrum, market sentiment, regulatory developments, macroeconomic trends, and more. The period since March 13, 2024, has been negative for ARB, and the bearish mood among ARB whales seems to be a major factor that influenced the ARB downtrend.

The important support level for ARB stands at $1.4, and if the price falls below this level, the next target could be $1.2. The price of ARB is usually correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $65000 price level, that would certainly have a negative influence on the price of ARB.

What do analysts and experts say?

After hitting recent highs above $2.25 on March 13, 2024, Arbitrum (ARB) has encountered significant losses. Despite the current jump, bears still control the price movement of ARB, and some crypto analysts say that the fact that the number of daily active addresses on the Arbitrum network dropped last week to one of the lowest levels seen since January, indicates that we could see new lows for ARB.

Arbitrum (ARB) is unpredictable and a risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. Keep in mind that Arbitrum (ARB) is highly dynamic cryptocurrency; it can experience rapid falls, and it’s essential to conduct thorough research, stay informed about market developments, and be aware of the risks associated with investing in this cryptocurrency.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
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