ARB Price in Demand Zone: Will it Hit All-Time High Post Breakout?

• The trading volume has plummeted by 67% in the past 24 hours.
• Arbitrum price has surged by 25% in the past 5 days.

Since October 2023, the Arbitrum price has been bullish and has reached an all-time high from an all-time low in a single move. The ARB price reached an all-time high in January and experienced a short-term profit booking. After a month, the buyers pushed the price to a new all-time high but couldn’t.

In the first week of March, the ARB price failed to hold the $2 hurdle and showed weakness. The price has dropped to the demand zone and has struggled for over a month.

Entry Over Resistance Level

$ARB / $USD – Update

Reclaim that level and we are good for a safe entry. No entry for now while below resistance pic.twitter.com/zZ9uSBkVih

— Crypto Tony (@CryptoTony__) May 23, 2024

According to the source on ‘X,’ the ARB price is facing resistance from the $1.20 hurdle. It would be an excellent time to buy if the price surpasses this resistance level. Below this level, we should avoid buying and wait for the perfect time.

Pump and Dump Detected in Trading Volume

Since May 20, the trading volume has jumped by 400%, which has helped the price gain bullish momentum. In the past few hours, the trading volume has decreased by 67%, and the price has undergone a consolidation phase for the short term.

Arbitrum Price Prediction: Will It Regain $2 Hurdle?

On a daily time frame, the ARB price has been struggling in the demand zone. Suppose the ARB price triggers a breakout from the $1.20 level and sustains, then the buyers may lead the trend. If social dominance increases at the time of the breakout, then the price may regain the $2 hurdle.

On the other hand, if the ARB crypto price slips below $0.95 and sustains, then the sellers may dominate and drag down the price. If the digital asset price fails to defend the $0.800, it may record a new all-time low.

At press time, the ARB crypto price traded at $1.20, up by 3.96% in the past 24 hours. The market capitalization is $3.18 Billion, and the 24-hour trading volume is $523.94 Million. The circulating supply is 2.60 billion, and the total is 10.00 billion.

Conclusion

The current Arbitrum (ARB) price situation indicates a struggle in the demand zone. The price is facing resistance at the $1.20 level, and it’s crucial to monitor whether it can surpass this hurdle. 

A breakout above $1.20, accompanied by sustained social dominance, could lead to a bullish trend with the potential to regain the $2 hurdle. Conversely, a slip below $0.95 and a further decline below $0.800 could signal increased selling pressure and a potential new all-time low. 

Technical Levels

Arbitrum price is expected to face resistance from the $1.20 and $1.60 levels in the upcoming trending sessions. If it experiences selling pressure, it may take support on the $0.95 and $0.75 marks.

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.