The popular crypto trader, Mac (@MacnBTC), tweeted his analysis for Arbitrum (ARB) yesterday. The tweet is a response to requests MAC received to analyze the low timeframe for ARB. In his tweet, MAC stated that his upside target for ARB is around $1.38 if the $1.20 level holds.
The trader concluded the tweet by reminding traders and investors to zoom out on ARB’s charts, given that ARB is a new market entrant. Currently, ARB only has 4 daily candles so far. As a result, MAC believes that there will be “boring price action” for ARB for the next few days.
Daily chart for ARB/USDT (Source: TradingView)
CoinMarketCap shows that the price of ARB has risen 1.90% over the last 24 hours. The altcoin also strengthened against Bitcoin (BTC) and Ethereum (ETH) by 2.06% and 1.75% respectively in the same time period. Currently, the price of ARB stands at $1.27.
In related news, Lookonchain (@lookonchain) tweeted this morning that Amber became the 14th ARB holder after receiving a total of $8.59 million ARM, which is estimated to be $10.5 million, from OKX, KuCoin, and ByBit recently.
ARB is currently ranked number 37 in terms of market cap, with a market cap of $1,611,244,410 and a fully diluted market cap of approximately $12,667,561,079. This ranks ARB under VeChain (VET) at number 36 with its market cap of around $1,657,591,686, and above ApeCoin (APE) at number 39 with its market cap estimated to be $1,527,820,495.
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Source: Cryptocurrency - investing.com
