Arbitrum (ARB) price has emerged as the top-performing altcoin in the past 24 hours among the top 100 coins by market cap. This particular altcoin, which serves as one of the leading layer two (L2) networks for Ethereum (ETH), saw a notable increase of over 6 percent within the last day, reaching a price of approximately $0.3412 on Monday, June 30, during the mid-North American trading session.
With a fully diluted valuation of around $2.4 billion and an average 24-hour trading volume of approximately $109 million, Arbitrum has experienced a significant surge of over 20 percent in the past week alone.
The main reason behind Arbitrum’s impressive price performance today can be attributed to the substantial support it received from Robinhood Markets Inc. (NASDAQ: HOOD). The popular trading platform recently announced that it is in the process of developing its own blockchain on the Arbitrum network, which has undoubtedly boosted confidence in the altcoin.
Robinhood boasts a sizable community of more than 14 million retail investors, particularly in North America. Following the news of its new web3 product built on Arbitrum, shares of HOOD surged by over 12 percent on Monday, reaching a trading price of approximately $93.28 at the time of writing.
Looking ahead to the midterm expectations for ARB price, it is evident that the altcoin has been consolidating within a downward trend characterized by lower lows and lower highs on the weekly chart. However, Arbitrum has managed to establish a strong support level around $0.2673, showing resilience with two successful rebounds so far this year.
On the daily chart, ARB price has broken out of the macro downtrend and is currently undergoing a retesting phase. With the daily MACD line on the verge of crossing the Signal line and the Relative Strength Index (RSI) displaying a bullish divergence, Arbitrum is well-positioned to potentially surpass the 47 cents mark in the near future and establish a new uptrend.
Overall, the future looks promising for Arbitrum as it continues to gain traction and support from major players like Robinhood. Investors and traders alike are keeping a close eye on this altcoin as it navigates through the volatile cryptocurrency market, with the potential for further price appreciation on the horizon.