ARB May Experience Boring Price Movement According to Trader

  • Lookonchain shared that Amber has become the 14th ARB holder recently.
  • The price of ARB currently stands at $1.27 following a 1.90% gain over the last 24 hours.

The popular crypto trader, Mac (@MacnBTC), tweeted his analysis for Arbitrum (ARB) yesterday. The tweet is a response to requests MAC received to analyze the low timeframe for ARB. In his tweet, MAC stated that his upside target for ARB is around $1.38 if the $1.20 level holds.

The trader concluded the tweet by reminding traders and investors to zoom out on ARB’s charts, given that ARB is a new market entrant. Currently, ARB only has 4 daily candles so far. As a result, MAC believes that there will be “boring price action” for ARB for the next few days.

Daily chart for ARB/USDT (Source: TradingView)

CoinMarketCap shows that the price of ARB has risen 1.90% over the last 24 hours. The altcoin also strengthened against Bitcoin (BTC) and Ethereum (ETH) by 2.06% and 1.75% respectively in the same time period. Currently, the price of ARB stands at $1.27.

In related news, Lookonchain (@lookonchain) tweeted this morning that Amber became the 14th ARB holder after receiving a total of $8.59 million ARM, which is estimated to be $10.5 million, from OKX, KuCoin, and ByBit recently.

ARB is currently ranked number 37 in terms of market cap, with a market cap of $1,611,244,410 and a fully diluted market cap of approximately $12,667,561,079. This ranks ARB under VeChain (VET) at number 36 with its market cap of around $1,657,591,686, and above ApeCoin (APE) at number 39 with its market cap estimated to be $1,527,820,495.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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