Arbitrum Breaks Out Of Its Key Level! ARB Price To Record New High Soon?
The crypto market continues to display significant price fluctuations, resulting in top cryptocurrencies recording high volatility in their respective prices. Further, the Arbitrum price has added over 15% to its portfolio within the past 24 hours, making it one of the top gainers of the day.
The ARB price traded in a closed range between $0.9904 and $1.0380 for about a week, after which the market gained momentum and the price broke out of the range.
However, the rally was short-lived as the price faced rejection at $1.1133, after which it traded sideways for over a week. Following this, the bulls regained momentum and jumped approximately 16% before it faced rejection at $1.2036.
The Arbitrum token then traded sideways in a consolidated range between $1.1133 and $1.2036 for a brief period. After multiple failed attempts to break out, the coin lost momentum, resulting in the price breaking down its support level of $1.1133.
The price then hovered close to its resistance/support level of $1.1133 for a while after which the bulls regained momentum and jumped over 31% within a day. After reaching a top of $1.4594, the bulls lost momentum, resulting in a correction of over 8%.
Will ARB Price Rise?
The technical indicator, MACD, displays a decline in the histogram, indicating reduced buying pressure in the industry. Further, the averages show a high possibility of a bearish curve, suggesting the price may experience a trend reversal in the coming days.
If the bulls hold the price above the support level of $1.3089, the ARB price will regain momentum and prepare to test its resistance level of $1.4192 over the weekend. Maintaining the price at that level will set the stage for Arbitrum to test its upper resistance level of $1.4594 this month.
Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its lower support level of $1.2036. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its important support level of $1.1133.
