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- 1 Arbitrum price (ARB) surged 1.5% in the last 24 hours and is currently trading at $1.16.
- 2 Arbitrum (ARB) derivatives data states that a total of $322.36K Open Interest contracts have been created over the past 24 hours.
Arbitrum (ARB) is a way to make Ethereum faster, cheaper, and more scalable. It uses optimistic rollups, which move most of the work off-chain. Arbitrum still keeps the security and compatibility of Ethereum. It also allows for more transactions and lower fees than Ethereum.
Arbitrum price is currently trading at $1.15 with an increment of 1.5% in the past 24 hours. ARB holds a total market cap of $1.47 Billion and ranks 37th in the crypto market.
ARB token has a trading volume of $125.4 Million with a decrease of 17.04% over the past 24 hours. It has over 1.27 Billion tokens in circulating supply. The volume-to-market cap ratio of the ARB token is 8.52%, indicating mild volatility in the market.
Arbitrum Price Prediction Using Price Action Strategy
Arbitrum price prediction reveals that the token made a significant decline of 25% in May 2023 after the breakdown of a very crucial support level at $1.19. Subsequently, the price took a rebound after hitting an all-time low of 0.89 and surged nearly 30%, and made an attempt to break above the previous swing high.
The price once again made a dip but ended up forming an inverted head and shoulder pattern and the price surged after the breakout of the neckline.
Currently, the ARB token seems to be undergoing a pullback and is declining by suffering rejection from the trendline resistance. The price has also neared the 50-day EMA from where it may get buyers’ support.
Now, if the price breaks and sustains above the trendline resistance, then the price may see a hike and surge up to $1.5
ARB Price Forecast from Indicators’ Point of View
As per the EMA analysis, the ARB price is trying to sustain above the 50-day EMA from where it may get buyers’ support and surge higher.
At the time of publishing, the RSI value of the ARB token is 45.52 and that of the SMA line is 50.46. RSI is declining by suffering rejection from the trendline resistance, which indicates a bearish sentiment in the short-term.
MACD lines have made a bearish crossover and both lines are above the mean line which shows that buyers’ strength is fading in the market. Furthermore, Histogram bars are forming below the mean line which shows that the price is in a short-term pullback.
Conclusion
Arbitrum price prediction shows that the price made a breakout above the neckline of the head and shoulder pattern, thus shifting its long-term trend to an uptrend. Currently, the price is observed to be in the short-term correction phase and it is declining by suffering rejection from the trendline resistance. Now, if the price breaks and sustains above the trendline resistance, then it may point towards the end of the correction phase and the price may surge higher.
Technical Levels
- Support levels: $1.04 and $0.89.
- Resistance levels: $1.36 and $1.51.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
