- Offchain Labs released a quick start guide and tools to make Orbit chain development easier.
- The altcoin’s price gained more than 4% over the past 24 hours and was trading at $1.14.
- A significant bullish technical flag was on the verge of being triggered on ARB’s daily chart.
Yesterday, the Arbitrum (ARB) development team, Offchain Labs, announced on Twitter the release of a quickstart guide and tools to help make building an Arbitrum Orbit chain much easier. In a separate tweet, the crypto reporting platform, Wu Blockchain, shared some additional details about this new release.
Today, we're releasing tooling that will make building your own Arbitrum Orbit chain easier than ever.To start, we're providing a quickstart guide & tools to help you with building your Orbit DevNet chain! start building via docs: https://t.co/syIhWswIlD— Offchain Labs (@OffchainLabs) June 21, 2023
According to the second post, these new developments by the Arbitrum team empower developers to construct and deploy L3 networks, which can leverage any Arbitrum Rollup-based L2 network as a settlement layer. The tools introduced by Offchain Labs provide enhanced convenience for developers engaged in building Arbitrum Orbit.
This is done by expanding the capabilities and possibilities of creating efficient Layer 3 solutions on the Arbitrum ecosystem. Since the announcement was made by Offchain Labs yesterday, ARB has earned itself a spot on CoinMarketCap’s trending list following an increase in its price.
At press time, ARB was trading hands at $1.14 following a more than 4% price rise over the past day according to CoinMarketCap. As a result, ARB was trading close to its daily high of $1.17 at this time. ARB’s price ascent also pushed the crypto’s weekly performance even further into the green zone to +23.67%.
Meanwhile, ARB’s 24-hour trading volume saw a more than 20% increase throughout the past day, which left it standing at around $265 million. Since reaching its all-time high in March earlier this year, the price of ARB has slipped by more than 90% to trade at its current level.
Daily chart for ARB/USDT (Source: TradingView)
From a technical perspective, the altcoin’s price was able to close yesterday’s trading session above the 9-day and 20-day EMA lines, as well as above the key resistance level at $1.0395. ARB’s price may continue to rise in the next 24 hours, as a significant bullish technical flag was on the verge of being triggered.
At press time, the 9-day EMA line was looking to cross above the 20-day EMA line. Should this cross happen within the next 24 hours, ARB’s price will look to flip the next major resistance level at $1.2905 into support. On the other hand, ARB’s price failing to break above $1.1929 will result in it retesting the aforementioned $1.0395 mark.
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