bullish

Arbitrum

mini

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/arbitrum-dao-approves-staking-proposal" data-wpel-link="internal" rel="noopener noreferrer nofollow">Arbitrum DAO Approves Staking Proposal</a><br></p>
<p style="text-align: justify">Arbitrum (ARB) has experienced a downward trend since March’s mini bull run, with its price recently declining by 1.4% to approximately $0.546. However, <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">recent developments</a> within the Arbitrum ecosystem hint at a potential bullish reversal, potentially driving ARB’s price up by over 50% in the short term.</p>
<h2 id="what-does-the-arb-staking-proposal-involve">What Does the ARB Staking Proposal Involve?</h2>
<p style="text-align: justify">The Arbitrum DAO recently approved a pivotal proposal aimed at introducing ARB staking on the Layer-2 network. Presented by Arbitrum delegate Frission, the initiative was driven by concerns over ARB’s struggle to gain value and fulfill its role as a governance <a href="https://en.bitcoinhaber.net/bitcoin-and-meme-coins-slide-as-market-braces-for-turbulence" data-wpel-link="internal" rel="noopener noreferrer nofollow">token</a>. The proposal received overwhelming support, with 91% of over 25,000 voters in favor.</p>
<p style="text-align: justify">Following this approval, an on-chain proposal will be submitted on Tally to secure $200,000 in funding for developing the staking platform. If accepted, this significant milestone for the Arbitrum network is expected to commence in August.</p>
<h2 id="does-technical-analysis-support-a-bullish-breakout">Does Technical Analysis Support a Bullish Breakout?</h2>
<p style="text-align: justify">Despite ARB’s recent price downtrend, <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">technical analysis</a> suggests a potential reversal. The altcoin’s price chart shows a descending wedge formation, typically a bullish reversal indicator. Furthermore, ARB is trading below its 21 and 50 Exponential Moving Averages, key resistance levels. However, recent higher highs since August 8 hint at an impending breakout.</p>
<p style="text-align: justify">If ARB successfully exits the descending wedge formation, it could surge by around 51.48% to a resistance level near $0.8124. Data from Coinglass shows a substantial buy wall with over $1.276 million in unfilled buy limit orders between $0.52 and $0.53, which could maintain momentum. Conversely, a breakdown below this level might lead to a further decline to $0.49.</p>
<h2 id="concrete-insights-and-takeaways">Concrete Insights and Takeaways</h2>
<p style="text-align: justify">– Approval of the ARB staking proposal has strong community backing with 91% support.<br> – The on-chain proposal seeks $200,000 for staking platform development, expected to start in August.<br> – Technical analysis suggests a 51.48% potential rise if ARB breaks out from the descending wedge.<br> – A significant buy wall at $0.52-$0.53 could sustain upward momentum, while a drop below this range may signal further weakness.</p>
<p style="text-align: justify">In conclusion, while ARB is currently in a downtrend, recent developments and technical indicators present a promising outlook for a potential bullish breakout.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/arbitrum-dao-approves-staking-proposal" data-wpel-link="internal" rel="noopener noreferrer nofollow">Arbitrum DAO Approves Staking Proposal</a></h5>

Arbitrum DAO Approves Staking Proposal

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