Arbitrum Rockets with 18% Price Surge; Technical Indicators Scream Buy

• Arbitrum price is showing outstanding performance on the daily technical chart.

• ARB price surged by 18% in the last 24 hours, and the daily trading volume surged by almost 225% showing buyers’ dominance.

Arbitrum (ARB) is showing some positive technical signs that indicate that a major bullish rally is about to occur. The altcoin has been trading in a tight range over the last few months, but recent price action has shown that buyers are taking control and the momentum is decisively turning higher. Moreover, as per CMC data, ARB price has surged by almost 18% in the last 24 hours with a 225% increase in daily trading volume.

The strongest indicator is the exponential moving averages, where ARB is set to form a golden cross. The 50-day EMA at $0.4491 is close to the 200-day EMA at $0.4479, forming one of the strongest bullish reversal patterns in technical analysis. This merging is usually an indication of the start of a prolonged bull run and tends to generate institutional buying.

Several technical indicators are confirming this bullish view. The MACD indicator has moved into positive territory, indicating that short-term momentum is gathering pace to the upside. The bars of the histogram are increasing, which indicates that this momentum is getting stronger instead of dying out. Likewise, the RSI is placed in bullish territory at 63.63, which is not overbought and thus does not imply an imminent pullback.

What Next For Arbitrum (ARB) Price?

The Supertrend indicator, which is at presently indicating a positive figure of 0.4200, further confirms the bullish mood. This trend-following indicator has turned bullish, and this supports the opinion that the overall trend direction has changed in favour of the bulls.

In terms of price, ARB has found solid support at the level of $0.510, which is the same as recent areas of consolidation. This support level is a good foundation for the existing rally and a clear risk management point for traders. The price has managed to breach above the resistance levels and is currently aiming at the next major milestone of the $0.600 region.

In the future, the technical configuration indicates that ARB has a chance to reach $0.700, which is a significant increase over the current price. This target coincides with former resistance levels and Fibonacci extensions. The imminent golden cross, the positive momentum indicators, and the high support levels form a strong technical argument in favour of further upward movement in the price dynamics of Arbitrum.

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