Is it Too Late to Buy ARB Coin after a 50% Price Rally?

Arbitrum Price Prediction: On April 13th, the Arbitrium coin price gave a bullish breakout from a resistance trendline which undermined bullish growth for nearly three weeks. Thus, a shift in market sentiment attracted significant inflow, recording a 50% jump from the last swing low of $1.15. However, the price hits a minor roadblock near the $1.73 mark and the buyers would need a sustained breakout above it to resume a bullish rally.

Key Points: 

• A bullish breakout from the neckline resistance of the double bottom pattern set ARB price for a 10% Rise
• A 20 EMA slope has proved to offer strong support during the occasional pullbacks.
• The intraday trading volume in Ether is $1.41 billion, indicating a 29% gain.

Source- Tradingview

After a massive rally last week, the ARB price witnessed a minor consolidation between the $1.73 and $1.57 levels. This narrow range was needed to absorb supply pressure and stabilize the price for further growth.

Moreover, in the 4-hour time frame chart, the consolidation phase revealed the formation of a double bottom pattern. With the emergence of this pattern, the Arbitrum price shows strong sustainability above the $1.57 support.

Today, the ARB price jumped 8.92% and gave a massive breakout from the $1.73 neckline resistance of the double bottom pattern. This breakout should indicate the recuperate bullish momentum and a higher possibility of uptrend resumption.

Also Read: What Are Bitcoin Ordinals And How Do They Work?

By the press time, the Arbitrum coin trades at $1.75 and the potential buyers can look for entry opportunities if the prices show sustainability above the $1.73 flipped support. With sustained buying, the buyers may drive the altcoin 10% up to hit the $1.925 mark.

While things look optimistic for ARB, a breakdown below $1.73 will weaken the bullish theory.

Technical Indicator

Trend-Based FIB Extension: Consider the recent consolidation as a minor pullback, the FIB indicator reflects, the correction rally may surge the ARB price to the potential target of $1.925, $2.04, followed by $2.16.

RSI: A bearish divergence in the RSI slope reflects weakness in bullish momentum and a higher possibility for price correction.

Ethereum Coin Price Intraday Levels-

• Spot rate: $1.72
• Trend: Bullish
• Volatility: Low
• Resistance level- $1.92 and $2.04
• Support level- $1.58 and $1.44