As a seasoned analyst with over two decades of experience in traditional finance and a keen interest in the cryptocurrency sphere, I find myself intrigued by the recent developments surrounding Arbitrum. With a background that spans across various market cycles, I’ve learned to appreciate the subtle nuances that can often make or break an investment opportunity.
On Wednesday during U.S. trading hours, Arbitrum’s price dropped by 0.78%, settling at $0.585. The crypto market remains unstable as Bitcoin hovers near $60,000, making it difficult for a sustained bullish recovery. However, despite the market volatility, Arbitrum was able to regain its $5 support following the launch of Franklin Templeton’s OnChain U.S. Government Money Fund (FOBXX) on their blockchain.
Arbitrum Price Gain Momentum as Franklin Templeton’s Digital Asset Fund Goes Live
August 8th saw the debut of the Franklin Templeton OnChain U.S. Government Money Fund (FOBXX), which was launched on the Arbitrum blockchain by the esteemed asset management company, Franklin Templeton. Investors can gain access to FOBXX via their digital wallets through the user-friendly Benji Investments platform, a blockchain-compatible recordkeeping system developed by Franklin Templeton.
Investors who qualify can obtain access to the Arbitrum network on demand, providing a simplified pathway for investing in this U.S.-registered mutual fund that operates within a blockchain ecosystem.
Following the announcement, the Arbitrum price surged 14.46% last Thursday to secure $5 support.
“Roger Bayston, Head of Digital Assets at Franklin Templeton, noted that entering the Arbitrum network is a crucial move in our mission to strengthen our financial management tools using blockchain tech.”
In simpler terms, it’s been announced that Franklin Templeton’s fund shares can now be traded on Arbitrum, making it the third blockchain network where this is possible, after Stellar and Polygon, which are also Ethereum Layer 2 solutions similar to Arbitrum.
By integrating this system, we’re building a stronger link between conventional financial systems and decentralized marketplaces, providing additional avenues for our fund’s shares to be traded using blockchain technology.
Arbitrum Price Hints Breakout from Multi-Month Resistance
For the last four months, I’ve noticed that the price of Arbitrum has been on a consistent downward trajectory, forming a falling wedge pattern. This pattern is defined by two lines that are gradually converging, acting as a dynamic barrier for the asset’s continued fall, offering both resistance and support.
In light of the latest market turnaround, the ARB’s price surged from its support at $0.42 to reach $0.584, representing a significant 38.2% increase in value. This surge also boosted the market capitalization to an impressive $1.985 Billion. The escalating price caused a bullish intersection between the MACD (represented by the blue line) and the signal line (orange), indicating a positive shift in investor sentiment towards the market.
As a crypto investor, I believe that if we continue to buy into Arbitrum, its price could surge by approximately 10%, aiming to breach the resistance at around $0.64. If this resistance is successfully broken, it will fuel a bullish momentum and potentially push the price up by another 28% to reach roughly $0.8.
If the resistance at the upward trendline continues to push the ARB price down, it might indicate a continuation of corrections and potentially cause the asset to fall by more than 20%, seeking support around $0.42.
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2024-08-13 21:44