Cryptocurrency Researcher Emperor Osmo Reveals ARB’s Market Share Growth Amidst Price Challenges
Crypto News – In a recent post by the pseudonymous cryptocurrency researcher known as Emperor Osmo, it was revealed that Arbitrum (ARB) is steadily increasing its dominance in the market when compared to Base. According to the post, the deployment of a 50 million ARB stimulus into the network is beginning to yield positive results. Emperor Osmo suggested that this might just be the initial phase of a larger trend.
Despite the growth in ARB’s market share, its price exhibited a minor setback, declining by 0.22% within the last 24 hours. Consequently, the cryptocurrency was valued at $1.03 at the time of reporting, as per CoinMarketCap data.
In addition to the price dip, ARB also witnessed a notable drop in trading volume, down by over 31% in the past 24 hours, resulting in a total daily trading volume of $174,961,983.
From a technical standpoint, ARB was making efforts to break free from a downward price channel that had formed over the previous two weeks. Should the cryptocurrency successfully escape this channel, it may continue its upward trajectory. This potential upward move could involve an attempt to turn the $1.0605 resistance level into a support level.
A daily candle closure above $1.0605 could serve as a solid foundation for ARB to target the next resistance level at $1.1245 in the coming days. However, it’s crucial to note that this bullish outlook could be negated if ARB fails to close a daily candle above the descending price channel within the next 48 hours.
In a more bearish scenario, ARB might face the risk of dropping to the immediate support level at $0.99. If selling pressure persists, it could potentially drive the altcoin’s value below this significant price point, reaching a potential low of $0.9375.
Buyers appeared to be gaining strength on ARB’s daily chart. At the time of reporting, the daily Relative Strength Index (RSI) was trending upward toward the RSI Simple Moving Average (SMA). Should these two technical indicators intersect, it could signal a significant shift in momentum favoring the bulls.
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