- The Arbitrum network integrated with the CelestiaOrg, thus making their technology available for Orbit chains.
- ARB’s volume peaked, as Social Dominance and Weighted Sentiment showed significant recovery.
It’s been ten days since the Aributrum [ARB] Layer 2 protocol emerged as the protocol with the highest liquidity. Fast forward to ten days later, and Arbitrum’s token ARB was seen trading 14.47% higher in the last seven days. As per data from CoinMarketCap, ARB exchanged hands at $0.9008 at the time of writing and stood 1.51% higher in the last 24 hours.
However, that wasn’t all ARB investors could rejoice. Arbitrum, on 25 October, took to X (previously known as Twitter) to share an update with its community.
How many are 1,10,100 ARBs worth today
Onwards and upwards for Arbitrum
As per Arbitrum’s post on X, the network welcomed CelestiaOrg to the Arbitrum ecosystem, thus making their technology available for Orbit chains. The said integration will enable developers to easily deploy a high-throughput Orbit and tap into Celestia’s modular DA layer.
Excited to welcome @CelestiaOrg to the Arbitrum ecosystem and make their technology available for Orbit chains! ?
Developers can soon easily deploy a high-throughput Orbit chain that taps into Celestia’s modular DA layer, the first with Data Availability Sampling (DAS) ? https://t.co/HSK5cGVYxZ
— Arbitrum (?,?) (@arbitrum) October 25, 2023
While this was the outlook on the network development front, Arbitrum’s metrics also illustrated a positive outline for the network. Data from the intelligence platform Santiment indicated a recovery in the Weighted Sentiment and Social Dominance. A development in Social Dominance indicated a recovering investor belief in the altcoin.
Furthermore, recovery on the Social Dominance front was confirmation that investor belief toward the altcoin was regaining its supremacy. Furthermore, what stood out was ARB’s volume, especially during the last two days.
On 24 October, ARB’s volume reached its three-month peak at 420.48 million. Note that a positive price action combined with a high volume indicated that investors were trading the token. However, at press time, the volume made a drop to stand at 244.47 million.
Source: Santiment
ARB’s ticket to the bull show
While ARB’s metrics put on a good show, it’s about time that we shift the focus to what ARB’s price indicators tell us. And from what can be seen below, ARB’s price action screamed bullish.
Is your portfolio green? Check out the ARB Profit Calculator
The 12-hour chart showed that ARB was trading at 0.37% higher than its opening price for the day. Furthermore, the Moving Average Convergence Divergence (MACD) indicator was moving above the zero line. The MACD line (blue) was moving above the signal line (red) — a strong bullish indicator.
Source: TradingView
Additionally, ARB’s Relative Strength Index (RSI) stood at 62.72 which was a clear indication that buying pressure was in full swing. What made ARB’s ongoing trend noteworthy was that the RSI touched the overbought zone and dipped to 62.41 on 25 October.
However, at press time, the RSI was on a slight incline — a fierce signal that buyers weren’t going anywhere in the next few days.
