Arbitrum's ARB Prediction: Set to Elevate by 62% in Coming Weeks

Arbitrum’s ARB Prediction: Set to Elevate by 62% in Coming Weeks

Updated: 17 August 2023

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After trading sideways for almost a month, the Arbitrum (ARB) price suddenly dropped yesterday, August 16.

The token dropped by 20% in the last 30 days, going from $1.2599 on July 17 to $1.040 on August 17.

The first price drop took place around July 26, when the price dropped to a support at $1.150. It remained around this level for several weeks, including the final week of July and August.

Between August 1 and August 8, the price dropped below $1.150, but it stayed close to this level, treating it as a resistance it intended to breach.

This finally happened on August 8, when the price surged, climbing to $1.183. However, it continued declining in the following days until it stabilized at $1.150 again.

On August 16, however, it continued to drop until it finally hit $1.036 earlier today, August 17, dropping 11.29% in the last 24 hours. At the time of writing, ARB’s price sits at 1.05.

Will Arbitrum recover in coming weeks?

Typically, whenever a cryptocurrency sees a sharp price movement, it is followed by a strong counter-reaction.

When the token price drops sharply, it tends to find support to bounce back up. Similarly, sudden surges tend to hit a resistance rejecting the price.

ARB’s sudden and intense price crash could lead to a price elevation in the coming days or weeks. This is the idea of one of the analysts, who believes the token might continue dropping to $0.98 before it shoots up.

Arbitrum’s price dropped due to competition

After Arbitrum’s price started sinking in July, which continued in August, some speculated that this price action came in response to competitors from Optimism’s raising community exercise.

At the time, Optimism also surpassed Arbitrum in day-by-day transactions. However, ARB holders anticipate its partnership with Uniswap will extend its buying and selling exercise.

Opinions regarding how Arbitrum will react in the coming days tend to differ widely, with some expecting a considerable price rise. In contrast, others believe ARB will continue to crash due to competition.

Price drop came as the ARB token unlock event was announced

According to Arbitrum’s plans, the project is scheduled to release 1.11 billion ARB tokens in its unlock event, which should take place in March 2024.

The announcement was made by Token Unlocks on X. Interestingly; the newest price drop came just after the information.

📅 Mark your calendars
$1.1 billion in $ARB unlocks are coming ⏳

On March 16th, 2024, get ready for a massive cliff unlock as the Team and Investors unlock their tokens, totaling a staggering $1.26 billion. 🔥

But that's not all! Starting from that day, every 16th of the… pic.twitter.com/Ayv4bKXmty

— Token Unlocks (@Token_Unlocks) August 16, 2023

This indicates that some may have sold their ARB tokens, fearing that an increase in supply might reduce the price.

When asked about the potential impact, Token Unlocks said that there are numerous metrics to consider and that users should keep track of the project’s situation.

There are numerous metrics to consider, including market sentiment, beneficiary behavior, and both demand and supply; therefore, we recommend keeping track of the project's situation 🔎

— Token Unlocks (@Token_Unlocks) August 16, 2023

yPredict presale almost at $3.5 million raised

While ARB seems to be struggling to maintain its price value, another project appears to be thriving. The token in question is known as yPredict (YPRED) and is currently in the middle of its presale.

YPRED is a token empowering world’s first All-In-One AI Ecosystem. It intends to offer a platform using AI to provide traders with trading signals, technical and fundamental analysis, chart pattern recognition, and more.

It was created for developers, traders, analysts, and other crypto industry participants.

The presale is at Stage 7, selling the token for $0.1, already raising $3.48 million. Anyone interested in buying the ticket before it gets sold out can do so via credit card or in exchange for ETH, BNB, USDT, and MATIC.

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