ARB price witnessed a sharp reversal and has retained the bullish trajectory swing above $1.00 in the recent sessions. Moreover, the ARB price surged inside the rising parallel channel, displayed a massive spike from the 20-day EMA, and noted a golden crossover on the chart. Furthermore, the price action shows the buyers accumulation as investors show interest.
ARB price is trading above the significant moving averages, sustaining gains above the psychological round mark of $1.00, highlighting bullishness on the chart. Moreover, the technicals suggest that the ARB price has escaped the crucial hurdle of $1.20 and is ready to retest the swing of $1.50 in the coming sessions.
The live price of ARB crypto is $1.34, with an intraday gain of 1.17%, showing bullishness on the chart. Moreover, the trading volume increased by 76.37% to $997.50 Million. However, the pair of ARB/BTC is at 0.0000310 BTC, and the market cap is $1.72 Billion. Analysts have maintained a neutral rating, suggesting the outperformance will continue in the following sessions.
Daily Charts Displays Rising Parallel Channel
On the daily chart, ARB price showcased the reversal, witnessed a sharp rebound from the demand zone of $0.7700, and surged over 80% in recent sessions. Furthermore, the price action shows follow-on buying and the formation of the higher highs pattern. Per the Fibonacci retracement levels, ARB price surpassed the 61.8% zone and is on the verge of the upper bollinger band.
The relative strength index (RSI) curve stayed in the overbought zone and formed a positive divergence, suggesting an optimistic outlook for the upcoming sessions. The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting that outperformance will continue in the forthcoming sessions.
Weekly Chart
On the weekly chart, ARB token price displayed a rebound from the bottom zone of $0.7700 and replicated an uptrend on the chart. Furthermore, the positive trend signifies the bulls’ dominance in the past number of sessions. Additionally, the sellers are on the backfoot and are covering their short positions.
Summary
ARB price displays a sharp spike that crashed the round mark of $1 and persisted in spraying the gains, disclosing bullishness on the charts. Furthermore, the trend is positive, and buyers have gained traction in recent sessions, reflecting outperformance on the chart.
Technical Levels
Support Levels: $1.20 and $1.00
Resistance Levels: $1.50 and $1.70
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Source: https://www.thecoinrepublic.com/2023/12/23/arb-price-prediction-arb-tops-1-with-flying-colors-what-next/