Arbitrum Price Triggered a Breakout from 20-Day EMA; Regain $2 Mark?

• The trading volume has surged by 230% in the past 24 hours.
• ARB price has jumped by 20% in the past 2 days.

Since October 2023, the Arbitrum price has performed positively till the end of the year. At the beginning of 2023, the ARB crypto price reached an all-time high but could not keep it on. The digital asset price tried thrice to sustain the $3 hurdle but failed to do so.

Arbitrum prices have witnessed intense selling pressure since March and have declined due to resistance from the trendline. The price has triggered a breakout from the trendline, and the trading volume has also increased.

Based on the technical indicators, the MACD has formed green histograms during the consolidation phase. The RSI is 57, rapidly recovering from the oversold zone and heading for the overbought zone. Overall, the technical indicators are favoring the positive forecast.

Is Arbitrum Price Ready to Shot Up?

According to the source on ‘X,’ formerly called Twitter, the ARB crypto price has surged by 18% after the breakout from the wedge pattern in the 8-hour time frame. After the breakout, the price came for a retest, formed a hammer candlestick, and witnessed buying pressure. 

Arbitrum Price Near Demand Zone; Can Buyers Dominate?

When writing, the Arbitrum price almost recovered from the demand zone. Historically, the ARB price has gained buying momentum from the $1 huddle. This buying momentum is supported by the trading volume and most of the technical indicators.

Suppose the trading volume remains stable and the price sustains over the trendline, and then buyers may dominate for the upcoming sessions. Buyers may be eyeing a new all-time high if the ARB price surpasses the 200-day EMA.

On the other hand, if the ARB price fails to sustain over the 20-day EAM, sellers may drag the price below the trendline. Suppose the digital asset price slips below the major support level of $0.95; selling pressure for the long term can be expected.

At press time, the Arbitrum price traded at $1.16, increased by 3.48% in the past 24 hours. The market capitalization is $3.09 Billion, and the trading volume is $1.07 Billion. The circulating supply is 2,653,939,384 ARB, and the total supply is 10,000,000,000 ARB.

Conclusion

Arbitrum price is showing signs of potential upward movement, with the recent breakout and surge in trading volume. The technical indicators are also favoring an optimistic forecast. However, it’s essential to keep an eye on key levels, such as the 20-day EMA and the $3 hurdle, to gauge the potential direction of the price. The market dynamics and trading volume will play a crucial role in determining whether buyers will dominate or if selling pressure will increase. 

Technical Levels

The resistance levels for Arbitrum would be $1.25 and $2.15 in the future. The ARB price may take support on the $0.95 and $0.75 levels.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.