bullish

Arbitrum

mini

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/arbitrum-dao-approves-arb-staking-proposal/" data-wpel-link="internal">Arbitrum DAO Approves ARB Staking Proposal</a> 
Arbitrum (ARB) has been on a downward trend since the mini bull run in March, with the price dropping 1.4% in the last 24 hours to around $0.546 during the New York trading session. However, <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">recent developments</a> in the Arbitrum ecosystem indicate a potential bullish breakout that could see ARB‘s price rise by over 50% in the short term. 
<h2 style="text-align: justify" id="strong-arbitrum-dao-approves-arb-staking-strong">Arbitrum DAO Approves ARB Staking</h2> 
Arbitrum DAO recently approved a significant proposal that could reshape ARB’s future. This proposal, presented by Arbitrum delegate Frission, aims to introduce ARB staking on the Layer-2 network. Frission’s initiative stemmed from concerns that the <a href="https://en.coin-turk.com/renowned-crypto-analyst-dave-the-wave-shares-new-predictions-for-litecoin-and-bitcoin/" data-wpel-link="internal">altcoin</a> was struggling to gain value and fully realize its potential as a governance token. The proposal garnered strong support, with 91% of over 25,000 voters in favor. 
Following this approval, the next step involves submitting an on-chain proposal on Tally to secure $200,000 in funding for the development of the staking platform. If accepted, this development, marking a significant milestone for the Arbitrum network, is expected to begin in August. 
<h2 style="text-align: justify" id="strong-technical-analysis-indicates-bullish-breakout-potential-strong">Technical Analysis Indicates Bullish Breakout Potential</h2> 
Despite the recent downtrend in ARB’s price, <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">technical analysis</a> indicates a potential reversal. ARB’s price chart reveals that the altcoin is currently moving within a descending wedge formation, typically seen as a bullish reversal indicator. Additionally, the price is trading below both the 21 and 50 Exponential Moving Averages, which serve as key resistance levels. However, ARB’s recent upward movement and the formation of higher highs since August 8 suggest that the altcoin may be preparing for a breakout. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-380534" src="https://coin-turk.com/wp-content/uploads/2024/08/Altcoin-ARB.jpeg" alt="" width="1280" height="538"> 
If ARB successfully breaks out of the descending wedge formation, it could rise by approximately 51.48% to the resistance level around $0.8124. Additionally, data from Coinglass reveals a significant buy wall with over $1.276 million in unfilled buy limit orders between $0.52 and $0.53. While this buy wall could provide the necessary support to maintain momentum, a breakdown below this level could indicate further weakness and potentially drop the price to $0.49. 
Relative Strength Index (RSI) and Bollinger Bands also indicate that ARB is currently in the oversold region, which could lead to a short-term bounce. While ARB remains in a strong downtrend, its proximity to a support level and the oversold RSI present a potential buying opportunity for those looking to capitalize on a short-term rally and a potential 50% bullish breakout. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/arbitrum-dao-approves-arb-staking-proposal/" data-wpel-link="internal">Arbitrum DAO Approves ARB Staking Proposal</a></h5>
The post <a href="https://en.coin-turk.com/arbitrum-dao-approves-arb-staking-proposal/" data-wpel-link="internal">Arbitrum DAO Approves ARB Staking Proposal</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Arbitrum DAO Approves ARB Staking Proposal

Table of Contents

COINTURK NEWS

Other articles published on Aug 16, 2024

Blockchain Bullish Investments with Qubetics Whitelist’s Opportunity Following NEAR’s Interoperab...

Floki Inks Premier League Deal with Nottingham Forest

Bitcoin Poised for Gains Amid ‘Dollar Milkshake Theory,’ Predicts Santiago Capital CEO

SOL GameFi Project Mega Dice Token Raises Over $1.7M in ICO

What’s New in Crypto? Avalanche, GALA and Qubetics Whitelist in Focus

Does Hong Kong have issues with USDT and USDC? — Exec weighs in

Join our free newsletter for daily crypto updates!