• Arbitrum (ARB) is a layer-2 scaling solution for the Ethereum blockchain developed by Off-chain Labs.
• ARB currently holds the 41st position on CoinGecko and its 24-hour price change is 1.0% up.
• According to the technical analysis, the bullish price prediction of ARB for 2023 is $1.2999 to $1.4361 and might reach $2 soon while bearish prediction is $0.9664.
What Is Arbitrum (ARB)?
Arbitrum (ARB) is a new layer-2 scaling solution for the Ethereum blockchain developed by a new york based company known as Off-chain labs. Layer-2 scaling solutions are networks which sit on top of layer 1 blockchains to provide cheap and fast transactions. They reduce the congestion on the main blockchain by validating transactions separately and integrating them into the main chain. After its mainnet launch last year, Arbitrum’s scaling solution has seen a lot of success with several developers using Arbitrum’s solutions to host their dApps, as well as its integration with Ethereum Virtual Machine (EVM).
Current Market Status
At present, Arbitrum (ARB) holds 41st position on CoinGecko with current price of $1.18 and 24-hour trading volume at $778,218,340 USDT. The 24 hour price change is 1% up while all time high was recorded at $8.67 (March 23, 2023).
Price Prediction For 2023
In terms of ARB Price Prediction 2023, we use statistics, price patterns, RSI, RVOL and other information about ARB to analyze future movement of cryptocurrency:
• Bullish Price Prediction: $1.2999 – $1.4361; may reach up to $2 soon
• Bearish Price Prediction:$0 .9664
Descending Channel Pattern
The above chart of Arbitrum (ARB) laid out a descending channel pattern within shorter term bearish in nature which often forms within longer term uptrends as continuation patterns followed by higher prices only after an upside penetration of upper trend line drawn by connecting lower highs and lower lows of security’s price with parallel trendlines showing downward trend . A trader could make selling bet when security price reaches resistance trendline . An ascending channel is opposite form of descending channel both being primary channels followed by technical analysts .
Conclusion h 2 > In conclusion , our analysis suggests that according to technical analysis , there are bullish predictions for ARB in 2023 ranging from 1 .2999 – 1 . 4361 with strong possibility it might reach up to 2 dollars soon but there are also bearish predictions at 0 . 9664 .