- Arbitrum (ARB) is currently trading at $1.1345 with a decline of -2.60% in the last 24 hours.
- Arbitrum (ARB)’s live market cap is $1,454,172,482.
- Arbitrum (ARB)’s 24-hour volume is $140,225,496.
Arbitrum (ARB) is a cryptocurrency linked to the Arbitrum network, which is a layer 2 scaling solution for Ethereum. Arbitrum promises to improve Ethereum’s scalability and efficiency by exploiting off-chain processing while retaining the Ethereum network’s security and decentralisation.
Trend Analysis
Based on a daily time scale study of the ARB chart, a significant change in trend can be seen, indicating a shift towards an upward momentum. After hitting a peak of $1.8192 in April 2023, the price of ARB began a downward trend, witnessing a 50% drop in less than two months. A falling triangle pattern formed as a result of this price movement.
However, the price recently broke through the resistance of the previous pattern, and this was accompanied by high trading activity. If the price can maintain its present level, it is expected to continue its upward trend in the following days. The ARB price’s general trend and structure now favour a higher movement.
Arbitrum (ARB) Price Analysis
EMA:
On a weekly timeframe, ARB’s price analysis is now trading above the 20-day, 50-day, and 100-day exponential moving average (EMA) crossings, indicating a bullish trend. This indicates that ARB is having uptrend momentum and that the price is more likely to continue rising.
MACD:
The MACD indicator is a useful tool for spotting market trends and variations in momentum. It is made up of the MACD line, the signal line, and a histogram that shows how the two lines differ from one another.
The MACD line for Arbitrum is now above the signal line, pointing to a bullish rise. Furthermore, the existence of a green histogram bar strengthens the case for a bull run. This means that Arbitrum’s price may rise more in the not too distant future.
RSI:
Indicating a neutral zone where neither buyers nor sellers have a clear dominance, the Relative Strength Index (RSI) for ARB is now circling around the 50 level. This implies a neutral market attitude devoid of any glaring favouritism for bullish or bearish momentum.
Volume Analysis:
It is clear by looking at ARB’s daily chart that the coin’s volume is rising. This may be seen in the growth of sizable green candles, which signify increased market purchasing activity. The increasing volume shows that customers’ interest is expanding, which might be seen as a favourable attitude towards ARB.
Conclusion
In conclusion, the price action of ARB at the moment points to a strong rising momentum that is supported by the development of a strong bullish structure. Additionally, tools like MACD and EMA support ARB’s bullishness, pointing to a promising outlook for the cryptocurrency in the near term.
Technical Levels:
- Support – The current support level of Arbitrum (ARB) is $1.0593
- Resistance -The current resistance level of the Arbitrum (ARB) is $1.4415.
Disclaimer
The views and opinions expressed by the author, as well as those of anybody else mentioned in this piece, are only for informational purposes. They do not provide any financial, investing, or other advice. When buying or trading cryptocurrencies, there is a risk of financial loss.