Arbitrum (ARB), the token that powers the decentralized autonomous organization (DAO) that runs the Arbitrum blockchain protocol, has pulled back north of its recent high to the $1.70 level and was last trading at $1.62. , down about 4% on Monday according to Trading View data.
However, according to CoinGecko, Arbitrum is still up nearly 32% over the past seven days, making it the best performing cryptocurrency among the top 50 by market capitalization. price prediction Still mostly excited.
Last Thursday and Friday, arbitrum burst moreFrom around $1.20 to above $1.70 within two days.
The rally was triggered by an upward break of a downtrend connecting higher series going back to March.
The Arbitrum blockchain is a layer-2 scaling solution built on top of the Ethereum network, which aims to reduce transaction fees and increase throughput.
Arbitrum officially transitioned to become a dao 23rd with the airdrop of your ARB tokensthird of March.
Where are the next price targets for Arbitrum (ARB)?
The fact that Arbitrum found solid support at its March high in the $1.60 area suggests that the bulls have legs that started in the middle of last week.
But the lack of price data going beyond mid-March makes it difficult to pinpoint the next series of ARB targets to the upside.
In fact, if ARB continues to hold higher pressure, it will be in a price discovery mode and trading conditions will be highly volatile.
One way to think of price targets would be to target prices that correspond to certain market capitalizations.
For example, at the current price of just above $1.60, ARB has a market cap of just over $2 billion.
Given its current supply of 1.275 billion tokens, ARB would need to reach a price of $2.35 in order to hit a market cap of $3 billion.
As a result, $2.35 could be a level that some of the bulls are targeting.
Another method that bulls can use to create upside price targets is to 1) consider psychologically significant round numbers and 2) consider key Fibonacci levels.
Regarding the former, many bulls will likely target a test of $2.0 per coin, then $2.5 and $3.0 and so on.
Round numbers have a long history of importance in crypto – for example, bitcoin bulls have long been waiting for bitcoin to reach $100,000 (which could happen later in this bull market cycle).
Long ARB bulls may thus target $10 in the coming years.
Regarding key Fibonacci levels, the Fibonacci retracement from the recent low to the recent high could extend upward to provide the 161.8% and 261.8% retracement levels at $2.13 and $2.78.
Some of the bulls may assign these levels as price targets.
Alternatives to Consider Arbitrum (ARB)
While Arbitrum certainly has a positive outlook for the weeks and months ahead, crypto investors should always be looking to diversify their holdings considering that the token is currently in an uptrend.
And the one coin is garnering a lot of hype in the crypto community as well as on Cryptonews.com where analysts have ranked it as one of the best presales to invest in for 2023.
This exciting new crypto project is called Deallance – the Web3 start-up is building an NFT-powered metaverse that will facilitate remote working as well as double up as a recruiting platform.
Analysts believe that DLNS, the native crypto token of DLNS, could perform very well in the years to come as it rides the dual waves of 1) the ongoing transition to remote working and 2) adoption of crypto and metaverse technology. more and more adoption.
And the start-up’s DLANCE tokens are flying off the shelves in presale. In just a few weeks since the launch of the pre-sale, DLANCE has already raised over $240,000.
Investors need to act fast as the coin price will soon surge from the current $0.025 level to $0.029.
DLANCE will list on exchanges later this year at $0.53, meaning investors who enter now could be sitting on paper gains north of 100%.