Arbitrum price veers as hard fork proposal receives 99.84% votes in favor
|- Arbitrum price fell by nearly 4% in the past 24 hours before recovering to trade at $1.091.
- The Arbitrum hard fork proposal received 99.84% votes in favor, with 168 million ARB from 50k votes.
- The hard fork is set to introduce a number of improvements, including support for the EVM Shanghai upgrade.
Arbitrum's price surpassed expectations as the altcoin managed to restrict the fluctuation over the past 24 hours. This is because ARB was forecasted to rally following the result of the proposal to essentially hard-fork the chain.
Arbitrum DAO approves hard fork
Arbitrum DAO recently concluded voting on the proposal to hard-fork the network in order to introduce a plethora of improvements to the chain. The Arbitrum Improvement Proposal (AIP): ArbOS Version 11 received over 50,000 votes, of which 99.84% were in favor of executing the proposal.
The hard fork is important in advancing the chain as it would include support for the EVM Shanghai upgrade and the PUSH0 opcode. Additionally, the upgrade would also implement retryable fixes, which ensure that retryable fees properly utilize both infrastructure and network fees.
Arbitrum DAO proposal voting result
While the native token ARB's value did not change much following the conclusion of voting, there is still a chance of Arbitrum price rallying once the hard fork goes live.
Arbitrum price remains sideways
Despite the ups and downs throughout November, Arbitrum price maintained its presence above the $1.000 mark, which was briefly invalidated. Trading at $1.091 at the time of writing, ARB slipped by nearly 4% during the intra-day trading hours before recovering.
This was observed on Monday as well when Arbitrum price crashed by more than 6% but recovered soon after to mark a 0.59% decline in 24 hours. But looking at price indicators, it seems likely that the next move would be in the upward direction. Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are exhibiting bullishness.
This sentiment is crucial in driving the Arbitrum price beyond $1.100, which, flipped into a support floor, would enable a rise to a November high of $1.190.
ARB/USD 1-day chart
But if the altcoin fails to breach the barrier at $1.097, a decline is more likely the probable outcome. Although ARB would have a bunch of opportunities to recover by bouncing off the support lines, it will see a drawdown to $1.000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.