Uptrend in Arbitrium
Arbitrum (ARB) gained momentum with a strong buy signal after falling 13.6% over the past week.
ARB is trading at $1.7, up 1.5% in the last 24 hours. The market value of the asset increased to 2.17 billion dollars and the daily trading volume was 535 million dollars.
ARB’s global market value increased by 0.4% in the last 24 hours and is now at $1.63 trillion. However, daily trading volume is down 32% to around $57 billion, and its volume has increased by 126% in the last 24 hours.
Additionally, according to Santiment, ARB (DAA) spread is currently at 152% and has given a strong buy signal, stating that the possibility of price manipulation is more difficult to experience.
According to a report on January 3, the total locked value of the Arbitrum One platform exceeded $10 billion after recording a 15% increase in one day. This showed good potential for both Arbitrum and the digital asset ARB.
Arbitrium Price Drop
One of the main reasons for the drop in ARB’s price could be the $1.7 million hack of the Concentric app on January 22.
According to Santiment data, the ARB Relative Strength Index (RSI) dropped from 46 to 23 in the last day. The indicator shows that Arbitrum is facing low volatility and selling pressure.
As a result, Arbitrium could potentially see a bullish rally as investor optimism increases.