Can Arbitrum (ARB) Continue to Ride the Wave After an 18% Pump?

• Arbitrum climbed 18%, trading around the $0.36 mark.
• ARB’s daily trading volume has skyrocketed by 488%.

After indecisive market moves over the last few days, the crypto market has posted a bullish spike of 1.28%, and the market cap has reached $3.34 trillion. With this recovery attempt, the majority of the assets have been charted in green. The largest asset, Bitcoin (BTC), has pushed its price to the $108.4K mark. 

Meanwhile, the price of Arbitrum (ARB) has registered a notable gain of over 18%. The current market sentiment of ARB may trigger it to move further upward, to support the price movement. The asset opened the day trading at a low of $0.3052, as the bears were in control. A sudden shift in momentum woke the bulls and pushed the price to a high range of $0.3891. 

At the time of writing, Arbitrum trades in the $0.3615 zone, with its market cap at $1.78 billion. Besides, the daily trading volume has skyrocketed by over 488%, reaching $651.73 million, as per CoinMarketCap data. 

Zooming in on the seven-day price analysis of ARB, it has surged by over 33.48%. The asset’s weekly low was noted at around $0.26. With the steady bullish pressure, the Arbitrum price has reached the current trading mark. 

Is Arbitrum Set to Sustain Its Rally?

Looking ahead at the technical chart of Arbitrum, the Moving Average Convergence Divergence (MACD) indicator is settled above the signal line, suggesting a bullish momentum, with the potential of an incoming bull run. In addition, the Chaikin Money Flow (CMF) indicator is found at 0.29, indicating the increased money flow into the asset with an optimistic outlook. It also has strong buying pressure in the market.

Notably, the four-hour price chart of ARB exhibits the upside correction, and breaking above the $0.3621 level, the uptrend might sustain. If the mighty bulls gained enough strength, they could initiate the emergence of a golden cross, and the asset is likely to climb and test the resistance at $0.3630. 

In the case of the bullish sentiment fading, the Arbitrum price could immediately fall to the support at the range of $0.3604. A further correction on the downside might trigger the asset’s death cross to unfold. The bearish pressure may pull the price back to its former low at around $0.3590 or even lower.  

Furthermore, the current market of the asset is in overbought territory. It signals that the asset is up for a pullback or correction, as the daily Relative Strength Index (RSI) stays at 75.68. Arbitrum’s Bull Bear Power (BBP) value of 0.0578 infers a slight bullish dominance in the market. However, the low value hints at its weakness and could shift quickly.

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