Robinhood has expanded its supported cryptocurrencies by listing Arbitrum (ARB) — the Layer 2 token for Ethereum. Following the announcement on March 5, ARB surged by 11,01%, reaching $0.4238. Now, analysts are debating whether the cryptocurrency can sustain its upward momentum or if investors will take profits.
How Robinhood's Listing Affects Arbitrum
The addition of ARB to Robinhood provides the token with access to a broad retail investor base. This marks a significant milestone for the Layer 2 sector, as such tokens were rarely listed on major centralized exchanges (CEX) just months ago.
"Listing Arbitrum on Robinhood is a major step forward for the entire Layer 2 sector. Even if most new buyers don’t use the token for its intended purpose, increased liquidity and accessibility benefit the community," said Mati Greenspan, founder of Quantum Economics.
ARB Price Prediction: Can It Hold Above $0.50?
While ARB has shown bullish momentum by breaking through $0.42, analysts warn that maintaining these levels will depend on speculative activity.
According to Coinglass:
- Open interest in ARB increased by 22,6% in the hours following the listing, bringing the total to $110.31 million.
- 24-hour trading volume surged by 53,24% to $411.2 million, signaling growing interest.
- The long-to-short ratio for ARB stands at 2.58, with even greater optimism on OKX, where the ratio is 2.89.
A sharp increase in open interest, accompanied by relatively lower trading volume growth, suggests strong speculative confidence in ARB's potential rally.
Technical Analysis: Key Levels to Watch
According to analysts:
- ARB has broken out of a falling wedge, a bullish pattern that could indicate long-term growth potential toward $2.80. However, the immediate target remains $0.50.
- Trading volume has spiked, with volume delta reaching 17.9 million, the highest in recent weeks.
- MACD signals potential growth, as the blue line approaches a crossover with the orange line, confirming a trend shift.
- However, if MACD fails to break through this level, ARB could retrace to $0.38.
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This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.