- ARPA token has rallied in a high-volume environment in the past few days.
- It has soared to the highest level since February last year.
- This rally is likely happening ahead of the mainnet launch.
Arpa Network ARPA token price jumped to the highest level since February 2022 ahead of the upcoming mainnet launch. ARPA jumped to a high of $0.12, which was almost 400% above the lowest point this year. It has jumped by almost 50% in the past 24 hours, making it the best-performing major cryptocurrency.
Mainnet launch ahead
Arpa Network is an upcoming blockchain backed by Coinbase, Arrington Capital, Binance, DWF Labs and GBIC. The platform aims to provide infrastructure for blockchain developers. Some of its products include verifiable number generators (RNG), secure wallets, a cross-chain bridge, and a decentralized custody solution that supports various blockchains.
The biggest ARPA news this year happened in April when the developers launched its testnet. A testnet is a piece of software that is used for testing purposes. The process allows other developers to test the network and identify bugs before the mainnet is launched to the public.
Some of the features of ARPA Network are that it is decentralized, flexible, always on, is flexible, and is decentralized agnostic.
It is not clear why the ARPA price jumped sharply on Wednesday. A likely reason is that the developers hope to launch the mainnet soon. As part of its roadmap for this year, the developers were to launch the mainnet in the first quarter followed by the mainnet in Q2.
The date of the mainnet has not been unveiled yet. However, we can assume that it will happen in June, since it the fnal month of the quarter.
The other reason why ARPA price jumped is that it is gaining traction in social media. According to LunarCrush, ARPA was one of the most active cryptocurrencies in social media. Others were GMT, which I wrote about here, Ben, and Kava.
ARPA price prediction
Turning to the daily chart, we see that ARPA price has been in a strong bullish trend in the past few days. It has risen in the past six straight days. Notably, this rally has been accompanied by higher trading volume, which is rising.
ARPA has moved above the important resistance point at $0.070, the highest point on March 18. The token has moved above the 25-day and 50-day moving averages. Therefore, I believe that the token will likely take a breather as some investors start taking profit. If this happens, the ARPA crypto token will likely retreat and retest the support at $0.070, which is ~32% below the current level.
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