ARB Recovers Above $0.46, Bulls Eye $0.60 as Arbitrum Usage Surges
ARB, the native token of Arbitrum, has shown signs of recovery, pushing back above $0.46 and currently trading at $0.45, up 2.22% in the last 24 hours. Market sentiment is bullish, with analysts eyeing potential targets towards $0.53 and even $0.60.
ARB has been testing the $0.42-$0.43 demand zone, forming a higher-low structure on the 12H chart. A sustained move above $0.48 would strengthen the case for a bullish continuation, with targets lined up towards $0.51 and $0.53. If ARB's higher lows hold and volume builds, a decisive push through $0.53 could shift sentiment into full bullish mode, with targets towards $0.56 and even $0.60.
Capital inflows remain a key strength for ARB, with on-chain data showing it led all chains in bridged net flows over the past 24 hours. This, coupled with Arbitrum crossing 6 million daily transactions, indicates growing interest and usage of the network.
ARB's recent price action and on-chain data suggest a bullish outlook. While immediate targets are set at $0.53, a sustained rally could see ARB reach $0.60. The development team behind Arbitrum, although not explicitly named, plays a crucial role in driving this progress, with Arbitrum being a prominent Layer 2 scaling solution.
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