Will ARB price reach $2? Ethereum L2 competitor Arbitrum seems to be doubling in April.

The price trend of ARB is showing similarities with the price movement after the launch of MATIC. MATIC rose by 1,350% after a brutal sell-off in its early days of trading. After reaching a record high of $1.60 on March 23, the price of Arbitrum (ARB) dropped by almost 20%. However, the Ethereum layer-2 token appears ready to continue its upward trend in the coming weeks.

Clues for a bull market for the Arbitrum token can be followed until the launch of Ethereum L2 competitor Polygon. For example, a layer-1 blockchain like Solana (SOL) rallied by 50,000% before a similar price pump, correction, and consolidation phase before its exchange launch in April 2020.

From a fundamental perspective, Arbitrum has emerged as a strong competitor in the Ethereum L2 space in recent months and is used by many leading DeFi protocols such as GMX, Uniswap, Sushi, and Aave. As of March 29, the total value locked (TVL) in Arbitrum pools had risen from around $981 million three months ago to $2.2 billion, according to data source Defi Llama.

According to independent market analyst Mac, Arbitrum’s strong fundamentals could limit the downside potential of ARB and encourage traders to accumulate the token again in the coming weeks. This could lead to a price increase of up to $2 in April 2023, as shown in the article.

Disclaimer: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BREAKING NEWS

October 17: Bitcoin Whale Spends $19.77M to Acquire 187.5 BTC — Total Buys 566.9 BTC ($65.34M) with $5.37M Unrealized Loss

COINOTAG News on October 17, citing EmberCN monitoring, reports...

ZBT (ZEROBASE) Soars After Binance Spot Debut — Peaks at $0.70, Trades at $0.55 with $142M Market Cap

On October 17, COINOTAG reported that, according to market...

Binance Lists UUSD-Margined LAB Perpetual with Up to 50x Leverage; RIVER Perp Launches Today (22:30/22:45 UTC+8)

COINOTAG News reports that Binance will list UUSD-Margined LAB...

Glassnode Warns: Gold Outperforms Bitcoin by 20% as Options Market Prices About 50% Short‑Term Volatility

COINOTAG News reported on October 17 that Glassnode published...

$LAB, $RIVER listed on Binance futures

$LAB, $RIVER listed on Binance futures #RIVER
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img