Is It Too Late to Buy Arbitrum? ARB Price Blasts Up 30% as Viral Meme Coin MK Reaches $6.5 Million
Following a successful Arbitrum airdrop in 2023, ARB price has blasted up +30% amid hype around a potential ETH ETF, explore this Arbitrum price analysis article and find out ‘is it too late to buy Arbitrum?’.
Upside movements have swept into the Arbitrum chart amid hype for layer-2 scaling solutions as beta plays for an increasingly likely ETH ETF – which has a strong chance of approval following the SEC’s approval of Spot Bitcoin ETFs.
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This comes amid impressive growth on the Arbitrum network, which has seen total value locked (TVL) double over the past year since the Arbitrum Airdrop, and the arrival of exciting opportunities for investors such as yesterday’s $70m XAI airdrop.
ABR Price Analysis: As Arbitrum Jumps +30% – Will Retracement Move Grip The Chart?
As ARB price reels from newfound heights, Arbitrum is currently trading at a market price of $2.31 (representing a 24-hour change of +4.03%).
This comes after Arbitrum rallied to a new all-time high of $2.42 earlier today, triggered a sudden retracement move as ARB price action recoiled.
With price action shifting into retracement, traders are targeting consolidation at localized support around $2.11.
Arbitrum’s 20DMA (currently sat at $1.70) has provided legs to much of the recent rally, although price action has now diverged +35% above this key moving average since a major bounce on January 9.
The substantial divergence between ARB price and the 20DMA could signal a need for a relatively large retracement move.
Meanwhile, the 200DMA is sat below the trading channel at bedrock support around $1.095.
Key indicators provide some cause for concern, with the RSI indicator heating up significantly with the recent price moves, now reading at 77 – a significant bearish overbought signal.
Yet, this view meets a small degree of contrast from the MACD, which suggests momentum is still increasing at 0.0429.
Overall, ARB price analysis reveals that Arbitrum is likely to undertake localized retracement on the short-time frame as price reels from the dramatic push to an all-time high.
Consequently, ARB price is facing an upside target above the ATH at $2.50 (a possible +8%).
While downside risk could see ARB retrace to lower support at $1.81 (a potential -21.75%).
Arbitrum therefore has a risk: reward ratio of 0.37 – a bad entry characterized by retracement risk on the short-time frame.
But while ARB price offers lack-lustre returns, that suggest it is too late to buy ARB, a new memecoin presale is on the precipice of viral success – don’t miss out.
Meme Kombat Explodes Over $6.6M Raised In Skyrocketing Presale – Don’t Miss Out on Arbitrum Airdrop Alternative
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
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Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
Season 1 of the project promises 11 unique meme characters, ensuring plenty of action. Season 2 is already planned for December 2023. The project’s decentralized nature, along with the excitement of AI-driven battles, guarantees outcomes that are transparent yet unpredictable.
ARB Price Analysis Blues? Meme Kombat Pits Meme Communities in High Octane Staking Battles
The project goes beyond excitement; it’s founded on trust. Meme Kombat’s dedication to transparency shows in their upcoming smart contract security audit.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His role as COO of North Technologies, and two decades in process design add credibility to Meme Kombat. Whiteman’s public profile and the Amsterdam address give extra trust in an era of project anonymity.
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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