Yesterday, the well-known cryptocurrency trader Mac (@MacnBTC) tweeted his analysis for Arbitrum (ARB). The tweet is MAC's reaction to calls for analysis of the short timeline for ARB. Assuming the $1.20 level persists, his upside target price for ARB is roughly $1.38.
Since everyone is asking me about low timeframe update for $ARB
— Mac 🐺 (@MacnBTC) March 25, 2023
Thinking $1.38 here if $1.20 holds.
Just remember to zoom out. It has only had 2 daily candles so far. Expecting at least a week of boring price action rn pic.twitter.com/ZvuBs59Kjy
Since that ARB is a new player in the market, the trader closed the tweet by advising traders and investors to zoom out on ARB's charts. ARB only has 4 daily candles as of the now. Because of this, MAC predicts "boring price movement" for ARB during the coming days.
The price of ARB has increased by 1.90% in the last day. The altcoin also gained ground versus Bitcoin (BTC) and Ethereum (ETH) during that time, by 2.06% and 1.75%, respectively. ARB is now available for $1.27.
Amber became the 14th ARB holder after receiving a total of $8.59 million ARM, or an estimated $10.5 million, from OKX, KuCoin, and ByBit recently.
This guy received an airdrop of 10,250 $ARB, but he did not sell immediately.
— Lookonchain (@lookonchain) March 24, 2023
Instead, he spent 1M $USDC to buy 731,361 $ARB, with an average buying price of $1.37.https://t.co/ItB8REvvpN pic.twitter.com/VP177h1cUn
With a market cap of $1,611,244,410 and a fully diluted market cap of about $12,667,561,078, ARB is now ranked number 37 in terms of market cap. This places ARB below VeChain (VET), which is ranked 36 and has a market size of around $1,657,591,686, and above ApeCoin (APE), which is ranked 39 and has a market cap of approximately $1,527,820,495.
