A widely followed crypto analyst says Arbitrum (ARB), a Layer 2 scaling solution for Ethereum (ETH), could potentially be flashing bullish indicators.
In a new thread, crypto trader Ali Martinez To tell His 61,900 followers on social media platform X claimed that ARB's Tom DeMark (TD) Sequential Indicator presented a buy signal on the asset's weekly chart.
“We expect a rebound of 1 to 4 candlesticks on ARB.”
Traders use the TD Sequential Indicator to predict potential trend reversals in a token based on the closing prices of the past 13 bars or candlesticks.
At the time of writing, ARB is trading at $1.04. The crypto asset, which ranks 47th by market capitalization, is up nearly 2% in the past 24 hours, but has fallen more than 30% in the last month.
Martinez too Note Bitcoin (BTC) has been consolidated for 70 days.
Analyst To tell Bitcoin’s 90-day market value-to-realized value (MVRV) ratio shows that the top crypto asset is still in the “prime buy zone” despite this week’s price spike.
MVRV is the ratio of Bitcoin's market capitalization to its realized market capitalization (the value of all BTC at the purchase price). It is used to assess whether a crypto asset is undervalued or overvalued.
BTC is trading at $63,061 at the time of writing, up nearly 6.7% over the past seven days.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me XFacebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: Mid Journey
