Key Insights:
- The TD Sequential buy signal indicates potential price rise for Arbitrum above $0.17 support level.
- Arbitrum shows positive reversal signs after a prolonged downtrend, with $0.20 target in sight.
- Market sentiment around $ARB remains optimistic as the price consolidates near the lower trendline.
Arbitrum ($ARB) has recently shown signs of a potential upward movement. The cryptocurrency has received a TD Sequential buy signal, suggesting that it may be preparing for a price increase. As long as the price holds above the $0.17 support level, the next key target could be $0.20.
TD Sequential Buy Signal and Market Indicators
The TD Sequential buy signal has caught the attention of traders and investors. This signal, which is a technical indicator used to track market trends, has appeared on Arbitrum’s chart. According to the chart pattern, the price may be on the verge of a positive shift.
“TD Sequential flashed a buy signal on Arbitrum $ARB,” noted Ali Charts, adding that as long as the price remains above $0.17, there is potential for upward movement. The buy signal suggests that Arbitrum might continue to trend higher, with the $0.20 level in sight if the support holds steady.
As of the time of writing, Arbitrum’s price was trading at $0.1777, with a 24-hour trading volume of $90.9 million. Over the last 24 hours, the coin has seen a slight decline of 1.39%. Despite this minor decrease, the overall market sentiment around Arbitrum remains focused on its potential to rise above its current resistance levels.
Positive Reversal Signals Emerge for $ARB
However, Arbitrum’s recent price action has been showing signs of a reversal after a prolonged downtrend. LaCryptoLycus highlighted that the price is moving sideways near the lower trendline, which suggests that the downside pressure is reducing.
This consolidation often occurs before a price breakout. As a result, there could be a shift in market structure, leading to a positive trend. If $ARB manages to break above the descending resistance, the price could see a strong upward move in the coming weeks.
With support at $0.17 holding strong, market observers will be watching closely for any signs of a breakout. If the price manages to sustain this level, the target of $0.20 may soon be within reach.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/arbitrum-eyes-0-20-target-as-support-hold/