- Arbitrum price prediction uncovers the recovery phase of the ARB token.
- ARB price delivered a year-to-date profit of 149.68%
- ARB price is forming an Inverse head and shoulders pattern with a potential gain of 40%
Arbitrum’s (ARB) price prediction uncovers the recovery phase of the ARB token, which witnessed a sharp correction from its all-time high of $1.820. The ARB coin was introduced on the exchange in March 2023. On its day of introduction, the ARB crypto pumped almost 200% of its introductory price. The market resumed its climb and printed a new all-time high. It was succeeded by a correction of almost 50% before taking support from $0.9069. The ARB token has taken a bounce and made a recovery to its current market level.
At the time of writing, the current market price of ARB tokens is $1.25. The 24-hour trading volume plunged 39.10%. The market is down 2.59% in the last 24 hours. The overall market cap of ARB is $1,590,083,806.
Can ARB Break the Inverse Head & Shoulders Pattern?
Arbitrum’s (ARB) price prediction shares insights into the recent recovery of the ARB token from its swing low. The market has demonstrated a recovery of almost 40% from its current market price. Another observation reveals the development of an inverse head and shoulders pattern, which is a trend reversal pattern.
The ARB price has flipped the 9 and 15 EMAs, hinting at short-term bullishness. The bullish momentum helped the price reclaim the resistance level of $1.10. At present, the price is trying to test the resistance level of $1.28, which is the neckline of the inverse head and shoulders pattern.
The Short-term Chart Reveals the Bullish Recovery
On the 4-hour Chart, the price action shows evidence of a bullish trend in the short term. The buyers have accumulated the ARB coin at support levels and pushed the price up aggressively. The market also flipped the 200 EMA, which signifies bullish strength in the market.
Another observation reveals that the ARB price is trying to take support from an ascending trendline. If The bulls manage to pierce the resistance, it may trigger the breakout of the inverse head and shoulders pattern, which has a potential of 38%, bringing the price closer to an all-time high.
RSI
The RSI indicator is currently at 46.43 It represents bearish to sideways conditions where the price may continue to fall until RSI exceeds 50. Aggressive selling may happen only if RSI goes below 30
MACD
MACD is about to make a bullish crossover above the 0 line. This indicates that the market may move to the upside in the short term. The price can rise until the MACD makes a bearish crossover.
200 EMA
On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support and the price may move up until it crosses below the 200 EMA.
Conclusion
Arbitrum’s (ARB) price prediction uncovers the recovery phase of the ARB token, which witnessed a sharp correction from its all-time high of $1.820. Since the correction, the ARB price has been able to recover quickly and form a bullish reversal pattern. If the price breaks the immediate resistance, the market may continue its bullish trend. The cryptocurrency is relatively new, and therefore the technical analysis can be inaccurate due to the lack of past data. Hence, it is important to maintain risk management and consider fundamental analysis before investing.
Technical Levels
- Support Level: The nearest support level is $1.10
- Resistance Level: The nearest resistance level is $1.28
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 assets comes with a risk of financial loss.