News and price analysis for the crypto assets The Graph (GRT) Arbitrum (ARB) and Monero (XMR)

In this article, we look at the latest news most relevant to crypto projects The Graph (GRT) Arbitrum (ARB) and Monero (XMR).

At the same time we perform a price analysis of the 3 cryptocurrencies trying to identify in which direction they are moving in the markets.

All the details below.

The latest news for the crypto assets The Graph (GRT) Arbitrum (ARB) and Monero (XMR)

Starting with the most important news in recent days we can mention the introduction of “Substreams” by The Graph, which represent a milestone in the development of data indexing solutions on blockchain.

It is a unique streaming system that uses advanced data transformation techniques to store and process data, making it readily available for various repositories or systems in real time

This artificial intelligence-based technology, powered by decentralized protocol “subgraphs,” offers composability,efficiency and elasticity unmatched in the on-chain world, increasing the potential of The Graph project and the GRT token.

Now the era of data indexing on blockchain is limitless in terms of scalability and programmability.

As for Arbitrum and its ARB cryptocurrency, the news involves the introduction of the first phase of “Foundation Grants,” which is an incentive program for decentralized projects built within the network.

For a blockchain network to reach mainstream adoption, there must be a variety of applications around it with different use cases and liquidity to support them. 

As decentralized finance experts are often reminded, without liquidity, dApps are worthless.

This is where Arbitrum with the Foundation Grants program outlines the framework through which the foundation will award grants in line with the guidelines provided in the mission statement and founding documents.

It is important to consider that it is not Arbitrum’s DAO that has funded this initiative (it has already expressed its support in the past months) , but it is the foundation, which is responsible for:

” promoting the growth of the ecosystem through grants to align with partner projects and educational initiatives with in-person and online events.”

– Arbitrum Foundation Bylaws

Finally, regarding Monero, there is no news worth discussing since the project is open source code and hence not managed by a specific entity.

We will dwell more on the price environment in the following section

Price analysis and forecasting for the crypto assets The Graph (GRT) Arbitrum (ARB) and Monero (XMR)

Let’s now turn to the market analysis and price forecast for the 3 crypto assets The Graph (GRT) Arbitrum (ARB) and Monero (XMR).

Going in order we can see how the value of GRT has been holding steady in recent days near the daily EMA 60.

Following the pump at the beginning of the year, in the wake of the hype of artificial intelligence-themed projects, GRT began its distribution phase from mid-February.

Finally, after 5 months of bearish price action, prices are beginning to find a reference that can give hope for a bullish return.

The levels to watch for at the moment are $0.11, which serves as strong support, and $0.135, which represents tough resistance to cross.

Breaching this trading range will give a high probability of continuation in the relative direction. 

However, beware of spikes and fake-outs: movements must be accompanied by good trading volumes and acceptable values on the RSI indicator.

On the ARB front, on which we can rely on a reduced price history, we can say that the overall situation seems to be all in all positive for the cryptocurrency. 

Despite the airdrop narrative, which generally creates selling pressure in the market, the cryptocurrency does not seem to have taken the hit, remaining above the psychological $1 mark for almost the entirety of its existence.

Prices are above the 60 daily EMA and coinciding with the 10 daily EMA, ready to post a new rise on the chart.

For a confirmation of the bullish pattern ARB needs to break above the $1.35 threshold while it will have to break downwards the $1.10 level to negate the bullish thesis.

The RSI indicator should also be monitored: falling below 50-45 might easily lead to expect a price crash, while a rebound before 50 might be an anticipatory signal of an impending climb.

Finally, focusing on Monero (XMR) we can observe an atypical situation on the chart: privacy coin prices have been stable for about 1 month near the $160 level, above the 60 daily EMA.

XMR seems to be on the verge of continuing the bullish pump triggered in mid-June, but it faces a small problem.

In fact, although XMR’s value has been positively confirmed above the $160-130 trading range recorded from February until July, the cryptocurrency is seeing a bearish divergence on the daily RSI.

While prices are sideways in its latest move, the RSI indicator marks a descent after touching overbought values in late June.

The levels to watch for XMR are $170 for a bullish hypothesis and $158 for a bearish hypothesis.

Should the crypto cross $170, it would easily collide with the strong resistance of $187, the result of which could firmly decree the fate over the medium term for XMR.

Focus on Arbitrum’s on-chain activity

The on-chain activity of layer-2 Arbitrum remains strong even months after the release of the ARB token as airdrop to early ecosystem users.

Amazingly, less than 1 year after its mainnet launch, the network has taken the fourth position as the chain with the highest TVL, standing at a value of $2.12 billion, lower only than Ethereum, Tron, and Binance Smart Chain.

TVL in particular has sprinted since the early days of 2023, leading the total value of capital locked within the blockchain infrastructure’s smart contracts to double in a short period of time.

In terms of fees and number of transactions, the data are also super positive with a user transaction base of more than 1 million tx per day on average and significantly high fees for a layer 2.

Noteworthy are the fees collected by the network on 12 July: with 1.07 million transactions Arbitrum recorded fees of $2.2 million

Very interesting to note also that Arbitrum ranks first as the largest L2 in terms of assets bridged by Ethereum totaling $5.93 billion, corresponding to over 59% market share.

This means that more than half of the tokens that are bridged outside of Ethereum are directed into the Arbitrum network.

This is easily explained by the high liquidity present in the ecosystem’s decentralized applications and the user-side convenience that pays an average of $0.23 per transaction as a fee (L2Fees data), which is the lowest price compared to the top 10 L2s excluding Metis.

There is also to consider the strength and reputation of the Off Chain Labs team, which plays a crucial role in developing the infrastructure and finding new innovations in the technology field.

Arbitrum will certainly have a bright future.