The Arbitrum crypto asset is exhibiting bullish characteristics and could gain more in the upcoming sessions. It has illustrated exemplary performance in the past week, month, and three months 7.28%, 3.57%, and 56.81% respectively, characterizing a reliable and steady upward trend.
The asset is in a strong uptrend above the zero line, as the MACD is in a bullish state and a bullish cross. Where the MACD line is at 0.0117, the signal line is at 0.0095, and the histogram is growing which is at 0.0022.
The RSI is not signalling overbought conditions, suggesting that the ARB asset has more space to grow. Besides, RSI is at 56 and taking support on the 14-SMA, which is at 50.
Furthermore, the ARB crypto asset is showing bullish strength and rising potential as it stays above the 20 and 50-Day EMAs.
The price action of the ARB crypto has been in a sensational up move and has been closely following the upward broadening wedge.
The major uptrend surged from the demand zone at $0.8000 and made a high of $2.4000, where it met the supply region and formed support at $1.5475.However, the Arbitrum crypto has displayed a sign of turnaround as the price rallied from the critical level of around $1.5475.
At the time of publishing, the ARB crypto declined 0.62% in the last 24 hours, trading at $1.8879. The ARB crypto is poised for a spectacular rally on the upside, as it prepares strongly to smash the resistance level and soar to new heights from the current support zone.
Therefore, if the demand for the Arbitrum remains at its peak, the asset price could continue surging from the current level and boost. The next goal for the price could be to reach $3.0 to test the supply region after crossing the $2.0 resistance level.
However, if the ARB crypto price fails to stay above the $2.0 level, it could decline further and could even break out of the wedge.
Summary
The price action of the ARB crypto has been in a sensational up move and has been closely following the upward broadening wedge. The Arbitrum crypto turned around as the price rallied from a critical level of around $1.5475 on the chart.
At the time of publishing, it prepares strongly to smash the resistance level and soar to new heights from the current support zone.
Therefore, if the demand for the Arbitrum remains at its peak, the asset price could continue surging from the current level and boost. ARB is expected to drop from the $3 supply level after crossing the $2 resistance mark.
Technical Levels
Support Levels: $1.5475
Resistance Levels: $3
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2024/02/08/arbitrum-crypto-can-arb-crypto-boost-upward-show-rally/