Arbitrum token is maintaining strength and showing muscles meeting the hurdles. The bulls are looking strong and showing intention to fetch higher marks. The volume spike convinced that the buyers were active on the token for making long positions as the price broke its upper trendline and traded above the significant moving averages.
The buyers succeeded in getting close to the immediate hurdle of $1.400. The token rose 14% in the last trading session, and buyers maintained the grip, holding above $1.500. The price action indicates that price traction will aim toward $1.600 in the upcoming session.
When writing, the ARB token is trading at $1.51 with a massive gain of 25%, showing that the investors have gained heavy traction. The volume spike was achieved enormously by 400%. However, the pair of ARB/BTC is at 0.00005047 satoshis.
Arbitrum Breakout on Hourly Chart
The ARB token looks bullish on the hourly chart and broke its resistance mark of $1.400. However, the move in recent hours where buyers showed their aggressive muscles, leading to this big move. However, the sellers were trapped and maintained their positions near $1.250. The price action on the charts gave a double bottom formation which eventually sharply bounced from the support mark of $1.200. Buyers aggressively lifted the price and broke the range, the primary hurdle of $1.350 for the past few days.
Per the Fib retracement, the price took support at 23.6%, level near $1.170, and pulled back from there. Now, ARB is trading above the resistance mark of $1.300. If token maintained to hold the breath above $1.450, then further buying can be witnessed.
Arbitrum token on traditional Indicators
Arbitrum token sharply rose on the hourly chart and was near its supply mark. Bulls extend their muscles and handshakes amid the ongoing hurdles. The way bulls meet resistance and surpass them gives fresh momentum to stretch the rally. However, the RSI curve is flying high above the overbought zone, but a retracement is needed to extend the uptrend.
Moreover, RSI gave a positive crossover which gave an aggressive breakout in the token price. The MACD indicator also lifted, registering a bullish crossover in the histogram. Both the leading and lagging indicators favor bulls signifying their pleasant moves.
Conclusion
Arbitrum token is trading near its significant resistance mark of $1.60, the strong supply zone. The ongoing rally needs a retracement for further follow-on buying and maintaining the higher highs and lows to extend the uptrend.
Technical Levels
Support levels: $1.300 and $1.150
Resistance Levels:$1.600
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/2023/04/14/arbitrum-token-arb-offers-expansive-moves-will-the-rally-sustain/