ARB bounced back today and continued to gain traction on the daily scale. However, it faced a rejection and failed to push above the weekly high. The price still looks strong with a 14% increase in the past week.
While some altcoins are still in the red today, ARB found support and bounced back strongly above the $1.50 level at the time of writing.
This action puts the asset back in a buying mode as trading volume flows back into the market. The buyers are now back on track with a notable surge in the past hours.
Although they’ve attempted to retake the weekly high of $1.67 today but failed due to a slight rejection. If they reiterate actions again and successfully push through, we can expect price movement into the April high or even beyond in the upcoming week.
That said, ARB is still finding it difficult and yet to initiate a big rally as experienced amongst some layer 2 tokens recently. If that comes into play, the price may explode massively.
Right now, there are no signs of bears in the market. If the bears show up and dip the price below the monthly low, we may see a small retracement to $1.14 before resuming an uptrend.
ARB’s Key Level To Watch
On the daily chart, ARB is facing small hurdles at the $1.67 resistance level – the current monthly high. If that resistance level flips in the coming hours, the next area of interest for buying would be $1.8 and $2.
If the price drops to the immediate $1.42 support and the bulls fail to counter such a bearish attempt, the price may retrace lower to the $1.35 and potentially $1.25 support on the daily chart.
Key Resistance Levels: $1.67, $1.8, $2
Key Support Levels: $1.42, $1.35, $1.25
- Spot Price: $1.77
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/arbitrum-price-analysis-prediction-january-2-arb-recovers-after-a-slight-pullback-signals-more-bullish/