Arbitrum (ARB) has been receiving attention from investors and traders alike. However, a recent tweet by popular crypto trader Mac (@MacnBTC) suggests that the coin may experience a period of “boring price action” in the coming days.
Analysis by Mac suggests that if the $1.20 level holds, the upside target for ARB could be around $1.38. While this is good news for those holding ARB, Mac reminded traders to zoom out on the coin’s charts, given that it is a new market entrant. Currently, ARB has only had 4 daily candles, indicating that there may not be much excitement in terms of price action for the next few days.
$ARB up +1.7% pic.twitter.com/EvLXBPPUpO
— Mac 🐺 (@MacnBTC) March 26, 2023
Despite the predicted lull in price movement, CoinMarketCap reports a 1.90% increase in the price of ARB over the last 24 hours. Additionally, the coin has shown strength against Bitcoin (BTC) and Ethereum (ETH), with increases of 2.06% and 1.75% respectively in the same time period. As of this writing, the price of ARB stands at $1.27.
In other news, Lookonchain (@lookonchain) tweeted that Amber has become the 14th ARB holder after receiving $8.59 million ARM from OKX, KuCoin, and ByBit. This translates to an estimated $10.5 million.
Currently ranked at number 37 in terms of market cap, ARB has a market cap of $1,611,244,410 and a fully diluted market cap of approximately $12,667,561,079. This puts ARB just below VeChain (VET) at number 36 with a market cap of around $1,657,591,686 and above ApeCoin (APE) at number 39 with an estimated market cap of $1,527,820,495.
Amber(@ambergroup_io) became the 14th $ARB holder after receiving a total of 8.59M $ARB ($10.5M) from #OKX, #KuCoin, and #Bybit.https://t.co/h01Z9OeFw0 pic.twitter.com/BP9YyuPw1o
— Lookonchain (@lookonchain) March 26, 2023
Conclusion
While ARB may experience a period of boring price action according to Mac’s analysis, the coin has shown strength against BTC and ETH, and has recently seen an increase in market cap. It will be interesting to see how the market reacts to ARB in the coming days and weeks.
