Arbitrum is among the new projects in the crypto market space, and it has been gaining more attention by traders and investors due to its ease of use and low transaction fees and ease of use.

The coin behind the Arbitrum project, ARB, has begun trading at $1.60 and has consolidated for several weeks as investors cashed-out on airdrop gains before spiking to $1.80, and that is not out of the ordinary for new market entrants.

Currently, ARB is the 35th most valuable cryptocurrency according to CoinMarketCap with a market cap exceeding $1.7 billion as of May 5th, and its 24-hour trading volume of $264,396,721 presents a strong case to go long on the fresh cryptocurrency.

The price of ARB seems to be in consolidation mode alongside other major cryptocurrencies which failed to sent a clear trajectory for the next move. Arbitrum can be at the bottom range of the correction period and may be ready to change its direction towards the familiar $1.60 mark.