- CoinMarketCap tweeted on Friday that Arbitrum has more daily active users than both Optimism and Base.
- ARB was also able to outperform OP in terms of 24-hour price performance.
- Technical indicators suggested that ARB may attempt to flip the $1.0605 resistance level into support soon.
The cryptocurrency market tracking website CoinMarketCap tweeted on Friday that Arbitrum (ARB) has the lead over Base and Optimism (OP) in terms of daily active users. Interestingly, the post showed that Base has overtaken Optimism in this metric despite only entering the market on 13 July of this year.
Meanwhile, from a price point of view, OP was changing hands at $1.47. This was after the altcoin suffered a 24-hour loss of 1.40%. Along with the decrease in price over the past 24 hours, OP also saw its daily trading volume drop by 46.43% during this period as well. Consequently, the cryptocurrency’s 24-hour trading volume stood at $68,015,182.
ARB, on the other hand, had outperformed OP in daily price performance as well, as it was able to rise 0.74% throughout the past day of trading. As a result, ARB’s price stood at $0.9531 at press time. This positive daily performance was not enough to bring the atlcoin’s price out of the red zone, however, as ARB’s price was still down more than 6% for the past week.
Looking at the daily chart for ARB/USDT, the cryptocurrency was trading below the 9-day EMA line which stood at around $0.9871. If it is able to close a daily candle above this technical indicator, then it may look to do the same with the 20-day EMA line as well before attempting to flip the $1.0605 resistance level into support.
Continued buy pressure may also elevate ARB’s price to a high of $1.1736 in the following week. However, if ARB is unable to close a daily candle above the 9-day EMA line within the next 72 hours, then it may be at risk of testing the crucial support level at $0.8980.
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