The cryptocurrency enthusiast Johnny predicted in an X post yesterday that the accumulation phase for Arbitrum (ARB) may be coming to an end soon. As a result, the X user anticipates that the altcoin will enter into an expansion phase in the short term.

$ARB accumulation ending soon

Next phase: expansion

— Johnny (@CryptoGodJohn) November 3, 2023

Meanwhile, the angel investor McKenna, revealed a significant development relating to the latest ARB staking proposal. According to the post, the proposal is currently 61% in favor of allocating 175 million ARB tokens from the Arbitrum Treasury to the project’s staking platform.

The $ARB Staking proposal is currently 61% in favour for allocating 175M ARB tokens from the Arbitrum Treasury.

The minimum APR being 13.7% is insane. Assume optimistically 50% of circ supply is locked then APR will be at 27.5%.

ARB Staking + EIP-4844 + ETHBTC bottom = Up

— McKenna (@Crypto_McKenna) November 3, 2023

With the minimum APR for staking ARB standing at 13.7%, McKenna believes that this already-lucrative APR could be boosted to 27.5%, assuming 50% of ARB’s supply is locked. This, coupled with the possibility that ETH/BTC has established its bottom for this bear cycle, has left the X user optimistic that ARB’s price may soon rise.

Meanwhile, over the past 24 hours, ARB’s price soared more than 11%. This strong daily performance was a continuation of the altcoin’s weekly streak as well. Subsequently, ARB was up more than 16% over the past 7 days. Overall, the altcoin was changing hands at $1.07.

Not only did ARB record an increase in price over the past 24 hours, but it also printed a 19.77% uptick in its 24-hour trading volume. This meant that the cryptocurrency’s total trading volume was estimated to be more than $465 million.

Daily chart for ARB/USDT (Source: TradingView)

From a technical standpoint, ARB was attempting to overcome the $1.0605 resistance level at press time. Should it close today’s daily candle above this mark, then it may have the foundation needed to continue its ascent to potentially climb to as high as $1.3490 through the course of the following 2 weeks.

Conversely, a rejection from the $1.0605 threshold could lead to ARB’s price pulling back in the short term. In this bearish scenario, the altcoin’s value may drop to as low as $0.8980.

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