Arbitrum (ARB) has bounced back from its one-year low and is currently trading at $0.84. The partnership between Chainlink and Arbitrum is making progress in developing cross-chain decentralized applications (DApps).
Arbitrum (ARB), a Layer 2 blockchain protocol, has been making notable progress in the crypto space. Its native token, ARB, is rebounding from a bearish trend due to ongoing upgrades and future plans. In a significant development, the blockchain oracle network Chainlink has partnered with Arbitrum to enhance the development of cross-chain decentralized applications (DApps).
On September 21, both platforms jointly launched the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One’s mainnet. This integration provides developers with access to Chainlink’s powerful solution, taking advantage of Arbitrum’s efficient scaling capabilities. The collaboration between CCIP and Arbitrum One is expected to unlock various use cases, including cross-chain tokenization, collateralization, blockchain gaming, data storage, and computation.
Another upcoming event for Arbitrum is the scheduled token unlock set for March 2024. This event will release a substantial 1.11 billion ARB tokens into the cryptocurrency market, with a current estimated value of approximately $907 million.
Token analytics firm Token Unlocks recently conducted a comprehensive analysis of ARB’s price performance following previous token unlocks. Historically, ARB has seen a 3% price increase on the first day of token unlocks. After this initial rise, the price typically experiences a three-week decline, resulting in a decrease of over 20%. Surprisingly, 25 days after the unlock event, prices have shown a remarkable recovery, ultimately rising by nearly 19% from the unlock day.
Big Whale Receives 1.19 Million ARB Tokens from FalconX
A significant whale, according to data from lookonchain, recently received 1.19 million ARB tokens, equivalent to $1 million, from FalconX just 4 hours ago. This particular whale has accumulated a total of 2.28 million ARB tokens, worth $1.93 million, from Binance via FalconX since September 13, with an average buying cost of about $0.81 per token.
ARB has been on a path to recovery following a bearish month in which it experienced a 15% decline and hit a one-year low of $0.76 on September 12. However, it has shown signs of improvement over the past week and is currently trading at $0.84. Notably, the trading volume for ARB has decreased by 34% in the past 24 hours.
A closer look at ARB’s recent price movements indicates an ongoing battle between bearish and bullish trends on the daily chart. The 9-day exponential moving average (EMA) is currently below the trading price at $0.83691. The daily relative strength index (RSI) stands at 43, suggesting that an oversold position may be approaching.
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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