Arbitrum Price Prediction: Analyst Predicts $2 Milestone Amidst 58% Surge

Arbitrum (ARB) has recently captured significant attention with its impressive performance. Renowned crypto analyst Michaël van de Poppe has shared an optimistic outlook on this Ethereum layer-two (L2) scaling solution, speculating a potential rise in its value to the $2 mark. The token has recorded a surge of 58% in the past 30 days, a trend that van de Poppe believes will continue soon.

The Rising Trajectory of Arbitrum

Arbitrum’s journey in the cryptocurrency market has been remarkable for its massive gains. As per the latest data, the token stands at a valuation of $1.58, marking an increase of 19.96% in just 24 hours. This growth is complemented by a rise in trading volume, which has soared by 205.61% in the same period, reaching a staggering $1,598,545,697.

I’ve posted some updates on $ARB.

Retest at $0.98 did work, continuation towards $1.35 as well and even further.

Some beautiful S/R flips, I think $1.40-1.45 should hold and we can continue to $2. pic.twitter.com/wIFEg26zq8

— Michaël van de Poppe (@CryptoMichNL) December 28, 2023

Michaël van de Poppe’s analysis reveals key points in Arbitrum’s price movement. He noted the recent retest at $0.98 and the uptrend towards $1.35. He pointed out the significant support and resistance (S/R) flips and expressed confidence in the token’s ability to maintain its current upward momentum, particularly in the range of $1.40 to $1.45, paving the way for an uptrend towards $2.

Arbitrum Price Rally: A New Bullish Wave Emerges

After experiencing a week of significant volatility, the ARB price has embarked on a bullish journey. Breaking through the key resistance of $1.4594, it signals a newfound strength in the crypto market. This surge aligns with the uptrend in various top altcoins, highlighting a potential trend shift.

Initially, the Arbitrum price fluctuated within a narrow band from $0.904 to $1.0380. It then witnessed a breakout, jumping by approximately 16%, only to face a setback at $1.1133. Post this, a period of consolidation ensued, with the price oscillating between $1.0380 and $1.0236. The market’s regained vigor led to a notable 31% jump within a single day, reaffirming bullish sentiment in the industry.

Technical Analysis Insights

The MACD indicator’s rising histogram points to increased buying pressure. Coupled with bullish average convergence, it suggests that the ARB price is set for continued growth.

Maintaining above the support level of $1.567 could propel ARB to challenge the $1.6743 resistance. Sustaining this momentum might lead to testing a higher resistance at $1.75. Conversely, a bearish takeover could see the price revisiting the $1.4594 support, potentially sliding further to $1.3753.

With Michaël van de Poppe’s bullish perspective and Arbitrum’s current trajectory, the crypto community keenly observes the token’s progress. The anticipation revolves around whether Arbitrum can sustain its growth and achieve the projected $2 milestone. Arbitrum’s recent surge and the projections by Michaël van de Poppe highlight a moment in the cryptocurrency market.

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