Arbitrum Price Dips as Three DeFi Projects Face Permanent Ban

The Arbitrum Watchdog Committee has recommended permanent bans for three DeFi projects - Good Entry, Limitless, and APX Finance - due to misuse of approximately $76,000 in ARB. This move comes after a thorough investigation revealed the projects' abuse of DAO funding.

The committee's decision is expected to impact the ecosystem sentiment, with ARB price dropping by over 12% following the announcement.

However, despite the decline, technical indicators suggest that bullish momentum persists, with ARB trading above its key moving averages. Analysts note that a decisive move above $0.1506 or below $0.1476 may determine the next trend direction for the asset.