<

Arbitrum (ARB) Price Could Increase by Nearly 30% in the Near Future

The price of Arbitrum (ARB) bounced up from the resistance zone at the previous all-time high and showed a decisive bullish signal. It is expected to continue rising in the near future.

Weekly outlook

The price of Arbitrum (ARB) broke above the important resistance zone of $1.7 and reached a new all-time high of $2.43 in the first week of 2024. After the initial decline, the price successfully confirmed the $1.7 zone as support in the previous week (blue arrow) and created a bullish pin bar candlestick.

This move indicates that the bulls are viewing the drop to the previous breakout level as a buying opportunity, which usually leads to the continuation of the uptrend.

The weekly RSI indicator is trending up and is above 50, suggesting an advantage for the bulls.

If so, the ARB price could rise to the all-time high of $2.43 again. This figure corresponds to a 28.90% increase from the current price.

ARB/USDT weekly chart . Source: TradingView

Bullish pattern

The ARB price bounced up from the support zone of $1.7 on January 23, 2024 (blue arrow). This move created a double bottom pattern compared to the low formed on January 8. This is a bullish pattern, which usually leads to the continuation of the uptrend.

The daily RSI indicator created a bullish divergence (blue line) and crossed above 50, indicating that the bulls have regained control in the short term.

Therefore, the ARB price could rise to the nearest horizontal resistance zone at $2.05 in the next few days.

ARB/USDT daily chart . Source: TradingView

Conclusion

The most likely outlook suggests that the ARB price will continue to rise in the near future. The nearest target is found at $2.05 and higher up to $2.45.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like

LATEST NEWS

LASTEST NEWS