Arbitrum [ARB] Price Analysis: 30 March

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice

Arbitrum (ARB/USD) has seen significant price movements in recent times, trading at $1.25 on March 23, 2023, and at $1.39 at press time after gaining by 15% in the last 18 hours. With a market cap of $1.7 billion, the crypto-token ranks 34th on CoinMarketCap. This analysis will examine key technical indicators on the 1-hour timeframe to gauge the short-term momentum behind ARB and predict where the market could be headed next.

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Arbitrum has an ambitious 2023 roadmap, one that includes launching its layer-three solution called Orbit and enabling developers to deploy programs written in popular programming languages like Rust and C++.

Source: ARB/USDT on TradingView

Looking at the technical indicators, the RSI stood at 79.8, suggesting overbought conditions in the market. The Bollinger Bands were swiftly diverging, indicating increased price volatility and potential continuation of the prevailing trend. The OBV at 162.8 million registered a strong uptick over the past two days, highlighting the hike in buying pressure in the market.

Key Highlights –

On March 16, 2023, Arbitrum announced its highly anticipated ARB token airdrop, distributing 12.75% of the total supply to early users and DAOs building on Arbitrum. The project claims to offer advantages over other optimistic rollup solutions, such as compatibility, scalability, flexibility, and decentralization.

The CMF at +0.24 confirmed the presence of significant buying pressure. The moving averages showed the 20 SMA at 1.2785 and the 50 SMA at 1.2339, both below the press time price of $1.39, supporting