Arbitrum price prediction suggests that bulls will dominate and ARB might show a massive breakout. It is forming a mildly bullish pattern and buyers are trying their best to come out of the consolidation zone.
ARB price managed to climb above the 50-day and 200-day EMA showing the initial signs of a bullish trend reversal.
In the last session, ARB price shot up 10% and attempted to break out of the $0.1200 hurdle. However, the sellers were active and still defending the supply zone.
At the same time, the buying volume also increased which indicates that the up move is supported by genuine buyers. So, the ARB price might consolidate for some time before displaying the breakout.
On the lower side, Arbitrum crypto has formed a strong base near $1.00. So, if the price retraces downward then it will have a high possibility of bouncing back.
The chart pattern says ARB crypto had consolidated for quite long. So, it might break either side of the range.
Currently, Arbitrum price is trading at $1.1602 with a downtick of -1.00%. In the last 24 hours, the trading volume increased by 196%, and the volume to market stands at 57.98%.
Arbitrum Price Near Supply Zone; What Next?
Arbitrum price prediction favors the bulls and suggests range expansion might be visible soon. Till the price sustains above the 50-day and 200-day EMA the probability of $1.2000 breakout remains high.
Meanwhile, the overall crypto market sentiment is bullish because BTC and ETH are hitting YTD highs. So, it might also indirectly impact the ARB price and add fuel to the momentum.
At press time, Arbitrum price is near the supply zone so investors must wait for the confirmation of a breakout for building fresh longs.
ARB Price is Forming a Bullish Hammer Candle
ARB price is forming a bullish hammer candle on the weekly chart. It shows the presence of strong buyers at the lower levels. However, the price will pick up the momentum when buyers can break the $1.2000 hurdle.
The MACD curve slopes sideways and sustains above the zero line. It indicates that the price may consolidate for some time before resuming the rally. The RSI at 60 denotes the strength of bulls and more scope for upside is open.
Conclusion
Arbitrum price prediction says bulls might win the battle in the consolidation range and show a range expansion. The analysis suggests that the ARB price is inside the bulls’ grip so the probability of a $1.2000 breakout remains high.
Technical Levels
- Resistance levels: $1.2234 and $1.3000
- Support levels: $0.9463 and $0.7580
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2023/12/08/arbitrum-price-prediction-add-arb-to-watchlist-know-why/