Arbitrum(ARB) rebounds from one-year low, trading now at $0.84.
Chainlink and Arbitrum partnership advances cross-chain DApp development.
Blockchain Layer 2 protocol Arbitrum (ARB) has been making significant strides in the crypto space, and its native token, ARB, is recovering from a bearish trend amid its ongoing upgrades and future plans. In a major development, the blockchain oracle network Chainlink has joined forces with Arbitrum to advance cross-chain decentralized application development.
On September 21, both platforms jointly unveiled the mainnet launch of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One. This integration grants developers access to Chainlink’s robust solution, which leverages Arbitrum’s high-throughput, low-cost scaling capabilities. The collaboration between CCIP and Arbitrum One is poised to unlock a multitude of use cases, ranging from cross-chain tokenization and collateralization to blockchain gaming, data storage, and computation.
Another development on the horizon for Arbitrum is the scheduled token unlock set for March 2024. This event will inject a staggering 1.11 billion ARB tokens into the cryptocurrency market, with a current estimated value of approximately $907 million.
Meanwhile ,Token analytics firm Token Unlocks recently conducted a comprehensive analysis of ARB’s price performance following previous unlocks, shedding light on the market’s response.
It indicates that, historically, ARB experienced a 3% price appreciation on the first day of token unlocks. Following this initial uptick, the price experienced a three-week downtrend, resulting in a dip of more than 20%. Surprisingly, 25 days after the unlock event, prices began a remarkable recovery. It ultimately rising by nearly 19% from the unlock day.
Whale Activity
Prominent whale activity data aggregator, lookonchain, revealed that a notable whale received 1.19 million $ARB (equivalent to $1 million) from FalconX just 4 hours ago. This particular whale has accumulated a total of 2.28 million ARB ($1.93 million) from Binance via FalconX since September 13. It was an average buying cost of approximately $0.81.
ARB’s Recent Performance
ARB has shown signs of recovery after a bearish month, during which it experienced a 15% decline. And hit a one-year low of $0.76 on September 12. However, with an upward trend over the past week, it is currently trading at $0.84. Notably, the trading volume for ARB has decreased by 34% in the past 24 hours.
Moreover, A closer examination of ARB’s recent price movements reveals an ongoing battle between bearish and bullish trends on the daily chart. The 9-day exponential moving average (EMA) currently sits below the trading price at $0.83691. The daily relative strength index (RSI) stands at 43, indicating that an oversold position may be approaching.