Arbitrum price prediction indicates that the token may make a positive breakout within the upcoming months. The bullish optimism is high in the market regarding ARB crypto as can be estimated with the candlestick patterns it is making. Presently, ARB token is attempting to make a bullish breakout by making a piercing candlestick pattern.
Arbitrum price observed a gain of 24.95% in the last 7 days. There is a 65.5% increase in the 24-hour trading volume, which indicates that buyers and sellers are actively trading it and intend to hold on to ARB tokens.
Arbitrum Price Prediction: Technical Indicators
Arbitrum price prediction exhibits a surge in the number of bulls in the market. ARB crypto, at present requires significant support from the buyers in order to make a positive recovery. The price action within the chart of the ARB token indicates that the bulls are not shying away from the action, in fact, they seem to dominate the market at present. If the ARB price succeeds in acquiring sufficient support from the bulls, it can prospectively make an uptrend of 55% or more within the next few months.
The next target ARB price can attain is around $1.500, which is 32% above the current price, whereas the milestone for the Arbitrum token can be marked around $2.000, which is proving to be challenging for the buyers according to the historical price action.
Presently, the RSI line indicates that the Arbitrum price may take a bearish correction before resuming its previous trend. The current RSI value of the token is 57.08 points moving just above the median line on the daily timeframe.
The stochastic RSI is reaching the overbought level, indicating that the Arbitrum token’s price is overvalued. The %K and %D lines may soon give a bearish interception in the near future, which aligns with the RSI oscillator; the current value of the stochastic RSI is 100.00 points.
Conclusion
According to the analysis, price prediction for Arbitrum suggests a surge in the number of buyers. The next target ARB price can attain is around $1.500, and the milestone for the Arbitrum token can be marked around $2.000, which presents a nifty target for the buyers.
Technical Levels:
Support -$0.800
Resistance – $1.500 and $2.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2023/06/23/arbitrum-price-prediction-arb-price-makes-a-bullish-breakout/