Arbitrum (ARB) Poised For Resurgence: Downtrend Reaching Climax?
06 Abril 2024 - 4:30AM
NEWSBTC
Generally, the crypto market has been experiencing a pullback after
Bitcoin and many other coins like Ethereum have recorded a new
all-time high of which Arbitrum (ARB) was not left behind.
Arbitrum, which has a lot of potential with a market cap of over
$3.8 billion and a circulating supply of 2,653,939,384 ARB has been
trading below the 100-day Moving Average (MA) for some time now.
However, recently the price of ARB has been showing some signs of
reversing. As of the time of writing, Arbitrum was trading around
$1.45, indicating an increase of 1% in the last 24 hours. There are
currently two major resistance levels of $1.799 and $2.278 ahead of
the price. Technical Indicators Show Signs Of Upward Movement In
Arbitrum Price 4-hour RSI Indicator: Looking at the Relative
Strength Index (RSI) indicator from the 4-hour timeframe, we can
see that the RSI line is rising above the oversold zone and is
heading toward the 50 level. This indicates a rise in the price,
and if the RSI line rises above the 50 level, it might trigger the
start of a new trend. The image below reveals more: 4-hour
MACD: looking at the formation of the MACD indicator from the
4-hour timeframe in the above image, we can also see that both the
MACD line and the signal line having trended for a while below the
MACD zero line have both crossed and are heading towards the MACD
zero line. On the other hand, the MACD histogram is already
trending above the MACD zero line. This suggests that a change in
direction might soon happen from its downward movement to an upward
movement. 1-hour bull power vs bear power histogram indicator:
lastly, taking a good look at the chart from the 1-hour time frame
with the help of the bull power vs bear power indicator, it shows
that the histograms are already trending above the zero level. This
suggests that buyers are gradually taking over the market from
sellers as seen in the image below. In conclusion, if the price of
Arbitrum manages to change its direction from downward to upward
direction, it is possible that ARB could retest its previous major
resistance levels of $1.799 and $2.278 and even move further
to create a new peak. Nonetheless, if Arbitrum fails to move
upward, the crypto asset’s price might move further downward to
create a new low. Featured image from Shutterstock, chart from
Tradingview.com
Arbitrum (COIN:ARBUSD)
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De Ago 2024 a Sep 2024
Arbitrum (COIN:ARBUSD)
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De Sep 2023 a Sep 2024