In this Arbitrum technical analysis, we will examine the current price action, trading volume, key levels and indicators for ARB-BTC. Arbitrum is a decentralized cryptocurrency that utilizes a novel consensus algorithm called “Proof of Useful Work” (PoUW) which rewards miners based on the computational power they contribute to the network, rather than the traditional Proof of Work (PoW) or Proof of Stake (PoS) algorithms. This approach allows for faster and more secure transactions, while also reducing energy consumption and increasing the overall scalability of the network. Additionally, Arbitrum’s unique governance structure allows holders of the cryptocurrency to vote on proposals for the development and growth of the project, giving them a greater sense of ownership and control over the direction of the network.
Arbitrum Price Overview:
As of October 02, 2023, Arbitrum is trading at approximately 3e-05 BTC. Let’s dive into the detailed price action for ARB-BTC:
| Metric | Value |
|---|---|
| Open (O) | 3e-05 |
| High (H) | 3e-05 |
| Low (L) | 3e-05 |
| Close (C) | 3e-05 |
| Volume (C) | 1,018,208.10 |
- Open (O): The opening price for today’s trading session was approximately 3e-05 BTC.
- High (H): Arbitrum reached a daily high of around 3e-05 BTC.
- Low (L): The daily low for ARB-BTC was approximately 3e-05 BTC.
- Close (C): At the time of analysis, Arbitrum is trading near its daily close of 3e-05 BTC.
| Metric | Value |
|---|---|
| 1D Change (%) | -3.55% |
| 3D Change (%) | -0.42% |
| 7D Change (%) | 8.87% |
| 30D Change (%) | -2.71% |
| 90D Change (%) | -10.53% |
| YTD Change (%) | 82.41% |
Over the past three days, ARBBTC has decreased by approximately -0.42%, showcasing increased market volatility. Throughout the last week, it continued to increase, with a gain of around 8.87%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with ARBBTC maintaining a downward trend of approximately -2.71%, despite intermittent fluctuations. Examining the last 90 days, ARBBTC has witnessed substantial decline of approximately -10.53%, reflecting strong long-term confidence. Year-to-date, ARBBTC has steadily appreciated by around 82.41%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.
Arbitrum Live Chart:
You can access a live price chart for ARB-BTC on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.
Price Volatility and Momentum:
- Volatility score is 0.43936.
- Momentum score is -0.02709.
ARB BTC Technical Analysis
Arbitrum Trading Volume:
The trading volume for Arbitrum (ARB) over the past 24 hours has been significant, with approximately 1,018,208.10 BTC traded against ARB. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.
Moving Averages:
- 50-day Simple Moving Average (SMA): ARB is currently trading below the 50-day SMA, indicating short-term bearish momentum.
- 200-day Simple Moving Average (SMA): Arbitrum is also trading below the 200-day SMA, indicating a negative long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for ARB-BTC is currently in the neutral zone, around 47.35016. This suggests that Arbitrum is in range-bound territory.
Analysis from TradingView:
Our Key Takeaways:
Arbitrum (ARB-BTC) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the BTC monthly resistance level and the BTC support level for potential trading opportunities. Additionally, the neutral RSI and significant trading volume are neutral signals for potential sideways movement.
Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.
Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.
Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.
