The post Decoding Arbitrum’s 11% rebound – Will booming activity push ARB toward $0.31? appeared on BitcoinEthereumNews.com. Arbitrum One remained a key Layer 2 solution in the Ethereum [ETH] ecosystem, and ARB price gained more than 11% in the past 24 hours as the broader crypto market rebounded by around 7%. This move came as Arbitrum [ARB] appeared to form a bottoming pattern while network activity accelerated. Is ARB price forming a bottom? The 4-hour chart showed ARB formed a potential double bottom after the previous day’s market decline. Bulls pushed the token from $0.19 to $0.24, but the $0.24 zone acted as a neckline that needed a clean break for a bullish structure shift. Trend strength was visible as the momentum indicator shot from the negative territory to 0.0292. However, its momentum was weaker compared to most altcoins. There was also capital inflow, though bulls were yet to take control, as the Chaikin Money Flow (CMF) was at -0.16. Source: TradingView Breaking past the neckline would mean that ARB price heads toward the $0.311 level. The fundamentals and chain activity were in support of this, but only if ARB token demand stayed high. Network activity booming  Arbitrum posted the strongest growth among EVM chains over the past week. Active Addresses reached slightly above 2 million, a 135% weekly increase according to Nansen. Source: Nansen However, it’s the BNB Chain that led the pack with almost 14 million Active Addresses, with Polygon and Base chains following with 4.7 million and 3 million, respectively. ARB outperformance was not over, as its Developer Activity also grew to a new peak over the past three months. As a result, volume spiked in the past 24 hours for all dApps on the Arbitrum One chain. On top of that, more than 900 dApps on Arbitrum — including Uniswap [UNI] — generated $1.20 billion in daily volume. TVL, perps and DEX volumes… The post Decoding Arbitrum’s 11% rebound – Will booming activity push ARB toward $0.31? appeared on BitcoinEthereumNews.com. Arbitrum One remained a key Layer 2 solution in the Ethereum [ETH] ecosystem, and ARB price gained more than 11% in the past 24 hours as the broader crypto market rebounded by around 7%. This move came as Arbitrum [ARB] appeared to form a bottoming pattern while network activity accelerated. Is ARB price forming a bottom? The 4-hour chart showed ARB formed a potential double bottom after the previous day’s market decline. Bulls pushed the token from $0.19 to $0.24, but the $0.24 zone acted as a neckline that needed a clean break for a bullish structure shift. Trend strength was visible as the momentum indicator shot from the negative territory to 0.0292. However, its momentum was weaker compared to most altcoins. There was also capital inflow, though bulls were yet to take control, as the Chaikin Money Flow (CMF) was at -0.16. Source: TradingView Breaking past the neckline would mean that ARB price heads toward the $0.311 level. The fundamentals and chain activity were in support of this, but only if ARB token demand stayed high. Network activity booming  Arbitrum posted the strongest growth among EVM chains over the past week. Active Addresses reached slightly above 2 million, a 135% weekly increase according to Nansen. Source: Nansen However, it’s the BNB Chain that led the pack with almost 14 million Active Addresses, with Polygon and Base chains following with 4.7 million and 3 million, respectively. ARB outperformance was not over, as its Developer Activity also grew to a new peak over the past three months. As a result, volume spiked in the past 24 hours for all dApps on the Arbitrum One chain. On top of that, more than 900 dApps on Arbitrum — including Uniswap [UNI] — generated $1.20 billion in daily volume. TVL, perps and DEX volumes…