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Will Resistance Hold As Ruled Arbitrum (ARB) Bulls Recover On V2 Announcement?
- The V2 announcement sent the ARB market bouncing back as the bulls are recovering in the past 24 hours.
- The carousel feature could revolutionize the filing process with ARB.
- Rising Bollinger Bands indicate ARB volatility and the potential for significant gains.
In a stunning turn of events, the highly anticipated V2 announcement from @y2kfinance sent shock waves through the Arbitrum (ARB) market, negating the recent bearish momentum. ARB saw a temporary decline as the news spread, reaching a 24-hour low of $1.14. However, the market quickly rebounded as the uptrend consolidated, pushing the price to an intraday high of $1.21.
The long awaited V2 from @y2kfinance is coming soon! More details below https://t.co/rOMjwaxCcW
– Arbitrum (,) (arbitrum) May 17, 2023
The upcoming release, V2, promises a marketplace for hedging, underwriting, and pricing pegged asset risk. Packed with features, this upgrade offers a greatly improved user experience through Carousel, a core feature of V2.
Carousel is reported to have revolutionized the deposit process by enabling automatic migrations and the ability to deposit for the next era even when the previous stage is still active. Notably, depositors now earn $2,000 from the start of each era, eliminating any waiting time for opening vaults.
Introducing a new revenue stream where the Information Tax benefits protocol owners and Y2K holders. Specifically, these deposit fees for seismic vaults gradually increase as the age approaches, effectively leveling the playing field and reducing information asymmetry between early and late depositors.
24-hour price chart (Source: CoinMarketCap)
Technical Analysis
On the 2-hour price chart of ARB, Bollinger Bands are rising, with the upper and lower bands at $1.2186 and $1.1504 respectively. The rising bars represent the increasing market volatility, which indicates that there may be profit potential from the traders.
With a value of 0.0036, the MACD line is moving above its signal line in the positive area, which adds to the potential bullish hint. This movement and the direction of the positive histogram indicate that the market may turn bullish.
Thus, traders may consider entering the rally expecting extended gains. However, stop-loss orders are required to reduce risks.
ARB/USD chart (Source: TradingView)
In conclusion, y2kfinance’s upcoming V2 release triggered a bullish rebound in the ARB market, showing its potential for growth and innovation.
Disclaimer: The views, opinions and information shared in this price forecast are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
Post Will resistance remain as control (ARB) bulls recover on V2 announcement? It first appeared in Coin Edition.
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