• Arbitrum (ARB) is a layer-2 scaling solution for the Ethereum blockchain developed by Off-chain Labs.
• The current Arbitrum price is predicted to reach $1.3647 and $1.5090, while the bearish market may fall to the support of $1.2002 in 2023.
• Analyzing the price patterns of ARB with technical analysis indicators can help predict its future movement and price predictions.
What is Arbitrum (ARB)?
Arbitrum is a new layer-2 scaling solution for the Ethereum blockchain developed by a new york based company known as Off-chain Labs. Layer-2 scaling solutions are networks that sit on top of layer-1 blockchains to provide cheap and fast transactions. They reduce the congestion on the main blockchain by validating transactions separately and integrating them into the main chain. After its mainnet launch last year, Arbitrum’s scaling solution has seen a lot of success and several developers have used Arbitrum’s solutions to host their dApps. Also, it supports integration with Ethereum Virtual Machine (EVM).
Current Market Status
The current Arbitrum price stands at $1.10 with 24 – hour trading volume of $507,986,194 and 24 – hour price change of 5.74% down. The all – time high was recorded at $11.80 on March 23, 2023 according to CoinMarketCap data source.
Arbitrum Price Prediction 2023
In this prediction, we will analyze the price patterns of ARB by using accurate trader-friendly technical analysis indicators and also predict its future movement and prices in 2023 which are explained below:
Descending Channel Pattern – In an above chart, Arbitrum (ARB) laid out a descending channel pattern which is characteristic of a bearish market and if it continues then it might reach resistance levels of $1.3647 &$1.5090; however if trend reverses then it may fall to support level of $1