{"id":576503,"date":"2024-02-23T11:00:14","date_gmt":"2024-02-23T11:00:14","guid":{"rendered":"https:\/\/uniquehot.com\/?p=576503"},"modified":"2024-02-23T10:16:09","modified_gmt":"2024-02-23T10:16:09","slug":"arbitrum-in-freefall-dips-below-2-as-experts-analyze-recovery-timelines","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/arbitrum-in-freefall-dips-below-2-as-experts-analyze-recovery-timelines\/","title":{"rendered":"Arbitrum In Freefall, Dips Below $2 As Experts Analyze Recovery Timelines"},"content":{"rendered":"

Arbitrum (ARB), the Ethereum Layer 2 scaling solution, has experienced a recent price drop<\/a>, falling below the $2 mark after a brief attempt to establish a new price floor. This decline, attributed to several factors including increased selling pressure and bearish technical indicators, raises questions about the token’s short-term trajectory while highlighting long-term potential.<\/p>\n

\"\"<\/p>\n

ARB price losing its grip on the $2 handle. Source: Coingecko<\/pre>\n
Related Reading: Bitcoin Wallets Bleed: 730K Investors Exit Despite Record $7 Billion ETF Inflows<\/a><\/div>\n
Selling Spree Triggers Downward Spiral<\/strong><\/h2>\n
The price decline began with a surge in selling pressure, most notably from Convex Finance. Over the past 24 hours, the DeFi giant offloaded 901,392 ARB tokens, valued at $1.63 million, at an average price of $1.8 per token.<\/p>\n
This move, representing a profit of over $400,000 since acquiring the tokens in an airdrop last year, triggered a domino effect, with other investors following suit.<\/p>\n
\n
$ARB<\/a> price dropped ~9% in the past 24 hours!@ConvexFinance<\/a> further deteriorates the price by selling 901,392 $ARB<\/a> ($1.63M) for 559.4 $ETH<\/a> at ~$1.812 in the past 45 minutes.<\/p>\n
They received those $ARB<\/a> from the DAO airdrop in Apr 2023, which was then worth only $1.2M.<\/p>\n
Token flow:\u2026 pic.twitter.com\/09al0a71Oj<\/a><\/p>\n
\u2014 Spot On Chain (@spotonchain) February 22, 2024<\/a><\/p><\/blockquote>\n
Bearish Indicators Reinforce Downtrend<\/strong><\/h2>\n
Technical indicators on the daily timeframe chart further paint a bearish picture. The short-term moving average (SMA), previously acting as support around the $2 mark, has flipped to resistance. The Relative Strength Index (RSI) dipped below the neutral line, suggesting a dominant downward trend, albeit a weak one.<\/p>\n
Despite the decline, signs of resilience emerge. The token experienced a slight recovery of 0.2%, currently trading around $1.88. Additionally, the Funding Rate on derivatives platforms like Coinglass remains positive at 0.014%, indicating that buyers still hold some control, albeit with less aggressiveness compared to before.<\/p>\n
<\/p>\n
ARBUSD trading at $1.77 on the 24-hour chart: TradingView.com<\/a><\/pre>\n
Low Derivative Interest: A Point Of Caution<\/strong><\/h3>\n
However, the derivative market paints a less optimistic picture. Open Interest, a metric reflecting the total amount of capital locked in futures contracts, stands at around $254 million, indicating relatively low interest in ARB compared to other tokens. This lack of engagement could potentially limit upward momentum and price stability.<\/p>\n
Long-Term Prospects Remain Promising<\/strong><\/h3>\n
Despite the recent price dip, Arbitrum boasts strong fundamentals and long-term potential. Its fast and affordable transactions, coupled with growing developer adoption and ecosystem development, continue to attract interest. Recent partnerships like ApeCoin’s ApeChain launch on Arbitrum further solidify its position as a leading Layer 2 solution.<\/p>\n
Related Reading: Green Bitcoin: Sustainable Energy Usage Surges To Record 55% High<\/a><\/div>\n
While the current price movement suggests a period of consolidation, Arbitrum’s long-term prospects remain promising. Investors should carefully consider market trends, technical analysis, and fundamental factors before making any investment decisions.<\/p>\n
Featured image from Kamil Pietrzak\/Unsplash, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Arbitrum (ARB), the Ethereum Layer 2 scaling solution, has experienced a recent price drop, falling below the $2 mark after a brief attempt to establish a new price floor. This decline, attributed to several factors including increased selling pressure and bearish technical indicators, raises questions about the token’s short-term trajectory while highlighting long-term potential. ARB price losing its grip on the $2 handle. Source: Coingecko Related Reading: Bitcoin Wallets Bleed: 730K Investors Exit Despite Record $7 Billion ETF Inflows Selling Spree Triggers Downward Spiral The price decline began with a surge in selling pressure, most notably from Convex Finance. Over the past 24 hours, the DeFi giant offloaded 901,392 ARB tokens, valued at $1.63 million, at an average price of $1.8 per token. This move, representing a profit of over $400,000 since acquiring the tokens in an airdrop last year, triggered a domino effect, with other investors following suit. $ARB price dropped ~9% in the past 24 hours!@ConvexFinance further deteriorates the price by selling 901,392 $ARB ($1.63M) for 559.4 $ETH at ~$1.812 in the past 45 minutes. They received those $ARB from the DAO airdrop in Apr 2023, which was then worth only $1.2M. Token flow:\u2026 pic.twitter.com\/09al0a71Oj \u2014 Spot On Chain (@spotonchain) February 22, 2024 Bearish Indicators Reinforce Downtrend Technical indicators on the daily timeframe chart further paint a bearish picture. The short-term moving average (SMA), previously acting as support around the $2 mark, has flipped to resistance. The Relative Strength Index (RSI) dipped below the neutral line, suggesting a dominant downward trend, albeit a weak one. Despite the decline, signs of resilience emerge. The token experienced a slight recovery of 0.2%, currently trading around $1.88. Additionally, the Funding Rate on derivatives platforms like Coinglass remains positive at 0.014%, indicating that buyers still hold some control, albeit with less aggressiveness compared to before. ARBUSD trading at $1.77 on the 24-hour chart: TradingView.com Low Derivative Interest: A Point Of Caution However, the derivative market paints a less optimistic picture. Open Interest, a metric reflecting the total amount of capital locked in futures contracts, stands at around $254 million, indicating relatively low interest in ARB compared to other tokens. This lack of engagement could potentially limit upward momentum and price stability. Long-Term Prospects Remain Promising Despite the recent price dip, Arbitrum boasts strong fundamentals and long-term potential. Its fast and affordable transactions, coupled with growing developer adoption and ecosystem development, continue to attract interest. Recent partnerships like ApeCoin’s ApeChain launch on Arbitrum further solidify its position as a leading Layer 2 solution. Related Reading: Green Bitcoin: Sustainable Energy Usage Surges To Record 55% High While the current price movement suggests a period of consolidation, Arbitrum’s long-term prospects remain promising. Investors should carefully consider market trends, technical analysis, and fundamental factors before making any investment decisions. Featured image from Kamil Pietrzak\/Unsplash, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":576521,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,88023,84309,6664,83767],"class_list":["post-576503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-arb","tag-arbitrum","tag-crypto","tag-meme-coins"],"acf":[],"yoast_head":"\nArbitrum In Freefall, Dips Below $2 As Experts Analyze Recovery<\/title>\n<meta name=\"description\" content=\"Arbitrum (ARB), the Ethereum Layer 2 scaling solution, has experienced a recent price drop, falling below the $2 mark after a brief attempt to establish a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Arbitrum In Freefall, Dips Below $2 As Experts Analyze Recovery Timelines","url":"http:\/\/uniquehot.com\/news\/arbitrum-in-freefall-dips-below-2-as-experts-analyze-recovery-timelines\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/arbitrum-in-freefall-dips-below-2-as-experts-analyze-recovery-timelines\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/a_872e37.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/a_872e37.png?fit=1342%2C743"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","arb","arbitrum","crypto","meme coins"],"dateCreated":"2024-02-23T11:00:14Z","datePublished":"2024-02-23T11:00:14Z","dateModified":"2024-02-23T11:00:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Arbitrum In Freefall, Dips Below $2 As Experts Analyze Recovery Timelines\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/arbitrum-in-freefall-dips-below-2-as-experts-analyze-recovery-timelines\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/arbitrum-in-freefall-dips-below-2-as-experts-analyze-recovery-timelines\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/a_872e37.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/a_872e37.png?fit=1342%2C743\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"arb\",\"arbitrum\",\"crypto\",\"meme coins\"],\"dateCreated\":\"2024-02-23T11:00:14Z\",\"datePublished\":\"2024-02-23T11:00:14Z\",\"dateModified\":\"2024-02-23T11:00:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/a_872e37.png?fit=1342%2C743","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/576503"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=576503"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/576503\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/576521"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=576503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=576503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=576503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}