- Arbitrum has seen a 15% increase over the past week and is currently trading above $0.75.
- ARB has crossed above its 20-day and 50-day EMA for the first time since early June.
While the global crypto market turns green, the notable layer 2 player Arbitrum (ARB) has captured attention with a 15% price increase over the past week. At the time of writing, ARB was priced at $0.76 with a market cap of $2.46 billion.
This surge has propelled Arbitrum into an ascending channel pattern characterized by upward-sloping parallel lines that denote bullish market sentiment. The upper line acts as resistance while the lower line provides support, indicating potential further gains.
Arbitrum’s rise in value is mirrored by its growing popularity among institutional investors and new traders. According to Nansen, Arbitrum has become the top choice among institutional investors and sophisticated traders over the past two weeks.
Arbitrum is renowned for its scalability and low transaction costs. Arbitrum has emerged as a preferred platform for deploying complex decentralized applications (dApps). This surge in adoption highlights increasing confidence in Arbitrum’s capabilities to efficiently manage high-demand scenarios within the blockchain ecosystem.
Arbitrum Technical Analysis
Technically, during Wednesday’s trading session, Arbitrum is showing a short-term positive trend by closing above its 20 and 50-day exponential moving average (EMA) for the first time since June 5, signaling a potential shift in trend.
The crypto’s 9-day EMA reflects its average price over the past 20 trading days. However, if ARB continues its rally and climbs above $0.80, it indicates a move toward a bullish trend. This suggests positive short-term momentum, with recent prices trading higher than the average over the past 20 and 50 days.
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