Journalist
Posted:
- Arbitrum recorded an influx of new accounts interacting with the network.
- ARB price has risen and may retest $1.10 soon.
New addresses on the Arbitration [ARB] The network has increased by 27% since the project launched the Short Term Incentive Program (STIP), data from IntoTheBlock shows.
According to AMBCrypto’s network growth assessment, new addresses on Arbitrum exceeded 60,000 on November 17.
Since the start of the Arbitrum STIP program, the number of daily new addresses on Arbitrum making their first ETH transaction has grown by 27%.
🔗https://t.co/3jvFTabDSV pic.twitter.com/wH46fA2O81— IntoTheBlock (@intotheblock) November 25, 2023
The move shows his potential
When AMBCrypto reported about the STIP project it was stated that the program could generate additional users for Arbitrum.
So it wasn’t an unexpected event that these new wallets decided to make their first Ethereum [ETH]-based transactions on the network.
For the curious, Arbitrum introduced the STIP program as a community initiative aimed at funding other projects and encouraging growth within the ecosystem. After the first round of voting, projects become inclusive GMX And PancakeSwap [CAKE] got some of the stock.
In addition to the network, the program also seemed to have a positive effect on the ARB price. Despite ARB’s value being 91% lower than its All-Time High (ATH), ARB’s value has risen 19.05% over the past 30 days. This surge also pushed the token past the crucial $1 mark.
Looking at the ARB/USD 4-hour chart, it looks like the token could be poised for another surge. This was because the moving average convergence divergence (MADC) had increased to 0.0059.
Furthermore, the 12-day EMA (blue) had reversed the 26-day EMA (orange), indicating increasing bullish momentum. Although the ARB had fallen to $1.05, an increase in buying pressure could push the cryptocurrency above $1.10.
But that would only happen if the bulls are able to defend the $1 support, and buying pressure overwhelms the support resistance for $1.05.
Source: TradingView
ARB offers more than just commands
From the chart above, the Chaikin Money Flow (CMF) also indicates that ARB could be targeting a new uptrend. The reason for this conclusion was that the CMF was in positive territory, indicating buying pressure on the price.
However, the weighted sentiment around Arbitrum had moved into the negative region. At the time of writing, the weighted sentiment was -0.075. Weighted sentiment takes advantage of the unique social volume to to establish the perception that market participants have about a token.
So the decline in the numbers implies that the broader market was not as bullish as it was on the ARB on November 23.
How many Worth 1,10,100 ARBs today?
Another metric to consider when assessing ARB’s recent trend is the ratio of on-chain transaction volume to loss.
At the time of writing, the metric was 1,434. Values above 1 of the on-chain transaction volume in the profit-loss ratio mean that there have been more realized profits than losses recently.
Source: Santiment