Published 21 mins ago
Arbitrum Price Prediction: Arbitrum is an Ethereum layer-two scaling solution, having its main objective to enhance the speed, scalability, and cost-effectiveness of the Ethereum blockchain by using optimistic rollups. Amid the recent airdrop of its native token ARB, the blockchain caught the eyes of several investors which caused a significant price hike and its launch on many crypto exchanges. Here’s a price analysis guide for the ARB/USDT pair for the coming weeks.
- The Arbitrum coin is witnessing strong demand pressure from the $1.187 mark.
- A potential bullish reversal from the $1.187 support encouraged ARB buyers to revisit the $1.56 mark.
- The intraday trading volume in Ether is $1.94 billion, indicating a 46.5% loss.
After the Arbitrum airdrop claiming process began, the ARB price witnessed massive volatility and showcased different price peaks across crypto exchanges. As of now, the ARB coin shows some stability, and the world’s largest crypto exchange by volume Binance project the price has formed a local top at $1.56.
However, a bearish reversal from the $1.56 has plunged the coin price 24.5% down to reach the $1.187 mark. In the 4-hour time frame chart, the coin price has shown several lower price rejection candles at the $1.187 level, indicating the buyers have acquired significant support.
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These long-tail rejection candles also indicate high demand pressure which increases the possibility of ARB price recuperating a bullish recovery. If the buyers’ pressure persists, a 4-hour candle closing above the $1.32 minor resistance level will give additional confirmation for a price rally to the $1.56 ceiling.
On a contrary note, a breakdown below $1.187 may prolong ongoing correction to $1.1 psychological support.
RSI(hourly): The RSI slope moving below the midline indicates the seller has the upper hand.
EMAs(hourly): the 20 EMA slope acts as a dynamic resistance against rising ARB prices.
Arbitrum Coin Price Intraday Levels-
- Spot rate: $1.23
- Trend: Bearish
- Volatility: High
- Resistance level- $1.32 and $1.56
- Support level- $1.187 and $1.1
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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