Arbitrum Soars 91%: Is $1.86 Next?

Arbitrum (ARB) Price Performance

The ARB price action on the daily chart reveals a strong Rounding Bottom reversal pattern. The decline of this pattern aligns with the 38.20% Fibonacci level at $1.12. Over the last five days, ARB has formed consecutive bullish candles, leading to a 34% price increase.

Notably, the bull run has surpassed critical technical levels, including the 200-day EMA and the 23.60% Fibonacci level at $0.86. Currently, ARB is trading at $0.899, with a slight intraday dip of 0.70%. This suggests a potential retest of the 23.60% level for a bullish recovery.

The Rounding Bottom reversal began with a bullish engulfing candle on November 5th, resulting in a remarkable 91% price surge to date.

Technical Indicators

• EMA: The rising ARB price has pushed the 50-day and 100-day EMAs upward, creating a bullish crossover. Additionally, the likelihood of a golden crossover between the 50D and 200D EMAs has increased significantly.
• MACD: The bullish momentum is evident in the MACD and Signal Line rally, complemented by gradually increasing bullish histograms.

Will Arbitrum Price Hit $1.86?

The ongoing rally targets the $1 psychological resistance level, with the next major milestone at the 78.60% Fibonacci level of $1.8679. A breakout above these levels could signal a prolonged uptrend.

On the downside, critical support lies below the 23.60% Fibonacci level at $0.86, with additional support at the 200-day EMA at $0.75 and the 50-day EMA at $0.6476.

Curious about ARB’s long-term potential? Check out our Arbitrum (ARB) Price Prediction for detailed insights.

FAQs

What is driving the bullish trend in ARB price?

The bullish trend is fueled by the Rounding Bottom reversal pattern, a 91% surge since early November, and bullish crossovers in key moving averages such as the 50-day and 100-day EMAs.

What are the key resistance levels for ARB price?

The immediate resistance is at the $1 psychological level, followed by the 78.60% Fibonacci level at $1.8679.

What could invalidate the ARB rally?

A breakdown below the 23.60% Fibonacci level at $0.86, with further declines toward the 200-day EMA at $0.75, could disrupt the bullish momentum.