Arbitrum Price: ARB Price Holds $1.00, More up move possible?

Arbitrum price is down by about 20% from the recent peak at $1.6000 and has witnessed minor profit booking from higher levels. The ARB price gave a sharp up move and succeeded in pushing the price above the $1.00. which created a positive hope for investors.

Arbitrum price seems to be entering into the narrow range consolidation between $1.1500 to $1.3500, and likely to break either side in the coming days. It is trading at $1.2621, with a rise of 0.63% and 24 hour volume to market cap ratio stands at 0.6856. The ARB/BTC pair is trading at 0.00004546 with a decline of -0.46, which shows mild divergence between the direction of both the pairs.

The price tried to retest the previous high but faced rejection, and reverted in a downward direction. As such, $1.6000 will act as a strong challenge for bulls in the coming weeks. On the lower side, ARB price formed a bullish hammer candle near $1.1700 and showed some decent pull back, but prices again seem to be lacking momentum on the higher levels.

Will the Arbitrum Price Hit the Fresh High ?

Arbitrum price is stuck in the narrow range and expected to consolidate for a little more time for the short term base creation. Presently, Arbitrum price holds the $1.1700, which will act as an immediate support level for the bullish traders. However, if the price drops below $1.700, then the bears might try to drag the prices down toward $1.00.

Technical analysis suggests that Arbitrum price is in the bulls grip and prices are expected to continue the upward momentum again. It might hit a fresh high if the bulls are able to break the upper range of the consolidation.

ARB Price: Technical Outlook

ARB price seems to have been positively impacted by the global market sentiment, however, it will pick up the momentum only above the $1.3500 hurdle.Technical indicators like MACD had generated a negative crossover showing mild bearishness. The Relative Strength Index (RSI) at 45 sloping down denotes prices might soon approach the oversold territory.

Conclusion

Arbitrum price at $1.00 entered into the consolidation and showed signs of short term base formation. The technical analysis suggests that ARB price is in the bulls grip and expected to gain upward momentum in the coming months.

Technical levels

Resistance levels : $1.3500 and $1.6000

Support levels : $1.1700 and $1.0000

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing