Coinspeaker
Arcblock (ABT) Trading Volume Surges 2000% After Trump AI Endorsement
The price of Arcblock
ABT
$1.56
24h volatility:
12.1%
Market cap:
$152.81 M
Vol. 24h:
$23.52 M
shot up by more than 45% in the past 24 hours, claiming a market capitalization of $156.9 million. Meanwhile, the trading volume of the digital asset skyrocketed a monumental 2110.79%, currently standing at $23.81 million. The monumental price surge came amid a stagnant market as multiple altcoins have turned red in the past day.
Arcblock (ABT) is an artificial intelligence (AI) token that is made in the United States. As a result, the cryptocurrency could witness a significant price increase in the coming days as Donald Trump’s pro-crypto administration takes shape gradually. Holders of the token have called upon major exchanges to list the cryptocurrency to boost its trading volume.
It is important to note that Trump announced a few days ago the creation of Stargate, which includes prominent firms like OpenAI, Softbank, and Oracle. A $500 billion private investment fund has been unveiled to develop AI infrastructure in the United States. If Arcblock (ABT) achieves mainstream attention, the altcoin could possibly benefit from the fund as well.
ABT Price Analysis
The ABT token opened its daily candle at $1.24 and shot up to claim a daily high of $1.9. It seems that the nearest resistance for the cryptocurrency stands at $2, which the digital asset has failed to break since August last year. Interestingly, ABT made a new all-time high just around 8 months ago at $4.70 and is currently trading at a discount of 65.56% from the ATH.
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Photo: TradingView
The daily chart provided by TradingView below shows that the MACD indicator confirmed a bullish divergence. The MACD line (blue) broke above the signal line (red), and the MACD histogram also turned green. This suggests a surge in buyers’ demand and rising adoption of the cryptocurrency.
On the other hand, the Relative Strength Index (RSI) for ABT reads a value of 60.08, rebounding rapidly after the altcoin almost touched the oversold region. The gradient of the line indicates a massive surge in buying pressure. Meanwhile, the yellow RSI line, which smoothes out the price action for better trend analysis, shows that there is still potential for growth for the ABT price action.
What Is Arcblock?
Arcblock is a blockchain protocol that allows its users to deploy decentralized applications on its network. ABT is an ERC-20 token that serves as the native digital asset for the AI protocol. Arcblock claims to be a Blockchain 3.0 product and is focused on the ease of deploying dApps on blockchain networks.
ABT is the primary token for payments on the blockchain network and offers rewards to the users for participation. The protocol aims to make it very easy to deploy applications on the blockchain, focusing on scalability and versatility.next
Arcblock (ABT) Trading Volume Surges 2000% After Trump AI Endorsement
