Arbitrum (ARB), a top layer-two (L2) scaling solution for Ethereum, boasting over $2.66 billion in Total Value Locked (TVL), is gearing up for the explosive phase of the bull market.
Recently, this mid-cap utility altcoin bounced back from a market downturn, finding support around the daily 50 Moving Average (MA) after a few weeks of correction.
Arbitrum (ARB) Price Outlook: Bulls Take Charge
On the daily timeframe, the ARB price has surged beyond a falling logarithmic trendline. Sustained closure above the support zone, spanning from $1.72 to $1.83, signals a persistent bullish trend for the weeks ahead.
This resurgence suggests a strong dominance by the Arbitrum bulls, indicating a high likelihood of attaining a new all-time high (ATH) in the near future.
Arbitrum Network: A Rising Force in Web3
In less than two years, the Arbitrum network has emerged as a major player in the web3 industry, drawing significant attention. Many leading web3 projects on Ethereum, such as Uniswap, GMX, Balancer, and Hyperliquid, have opted to launch on Arbitrum to tap into a larger global user base.
Backing this momentum are reputable web3 venture capitalists, spearheaded by Offchain Labs, Pantera Capital, and Polychain Capital, among others. Their support underscores confidence in the Arbitrum network’s potential.
Analyst Predicts Renewed Surge for ARB Price
The view remains unchanged on $ARB.
Had a correction of 35% and is consolidating. Overall, every correction between 20-60% is one to get yourself interested into an asset.
I think $ARB is going to do well after Ethereum picks up pace. pic.twitter.com/g9TrNh8U4w
— Michaël van de Poppe (@CryptoMichNL) February 7, 2024
Crypto analyst Michaël van de Poppe, hailing from The Netherlands, anticipates a fresh upswing for ARB price. Following a 35 percent market correction, Poppe suggests that ARB is poised for bullish momentum, particularly once Ethereum rebounds from the ongoing market downturn.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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