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The Arbitrum price jumped more than 6% over the past 24 hours to trade at $1.95 at press time as investors continue to stock up on the altcoin.
The Arbitrum Price Enters Into a Bullish Move
Daily chart for ARB/USDT (Source: TradingView)
The Arbitrum price retested the $1.6740 support level twice in the last 3 days. Despite breaching the level during these retests, bulls were able to prevent the altcoin from closing a daily candle below this mark. Looking at the past 24 hours, ARB has entered into a bullish move, and looks to add to the positive trend that it has been in throughout the last couple of weeks.
The medium-term bullish trend in ARB is apparent, as indicated by a positively inclined trendline on its daily chart. If this trend persists, the Arbitrum price might surpass the $1.99 resistance within the next 48 hours, potentially setting the stage for the cryptocurrency to reach a new all-time high.
ARB May Break Out Soon
It’s important for traders and investors to recognize the formation of a symmetrical triangle on ARB’s daily chart, following the altcoin’s pattern of higher lows and lower highs in recent days. If this chart pattern holds true, ARB could possess the momentum needed to break through the $1.99 barrier.
On the other hand, if traders opt to secure profits, leading to increased selling, the Arbitrum price might fall back to the $1.6740 level in the forthcoming 48 hours. Persistent selling pressure could further push ARB down to around $1.3470 in the short term.
Technical indicators on ARB’s daily chart are currently hinting at an impending bullish move. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bullish signs. The MACD line is beginning to ascend above the MACD Signal line, suggesting a strengthening bullish trend for ARB. Simultaneously, the RSI is poised to cross above its Simple Moving Average (SMA) line. The intersection of these two lines would act as a significant bullish technical signal, indicating that buyers are gaining the upper hand over sellers.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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