ARB buy signal emerges after a week of constant declines

 Arbitrum (ARB) has gained momentum with a strong buy signal surfacing after recording a 13.6% decline over the past week.

ARB is up by 1.5% in the past 24 hours and is trading at $1.7 at the time of writing. The asset’s market cap surged to $2.17 billion with a daily trading volume of $535 million. 

Notably, ARB’s bullish momentum comes as the global crypto market cap sees a 0.4% surge over the past 24 hours — currently standing at $1.63 trillion. The global daily trading volume, however, has declined by 32% — hovering around the $57 billion mark at the reporting time. 

According to data provided by Santiment, Arbitrum’s social volume increased by 126% in the past 24 hours. Data shows that the social activity around Arbitrum recorded sharp declines along with its price over the past week.