The Arbitrum price analysis is bullish today as the market witnessed a considerable improvement in the price levels. The bulls led a rally that elevated the price levels to the $1.27 range. The coin has been rallying for the last three days, gaining significant value as the bullish momentum was strong and helped the coin’s flight. Yet, today the trend is the same, but now, selling pressure is resurfacing again. The price swung low towards $1.23 for a moment, but the bulls are in action again, and the price is recovering, currently at $1.25. The next point where bulls may get resistance again could be $1.30.
ARB/USD 1-day price chart: Bulls striving for the lead as they mark high goals
The 1-day chart for Arbitrum price analysis shows that the coin price has surged further high today. The price is currently set at $1.25, as the coin has gained 3.72 percent during the last 24 hours, and it has also gained a good 11.50 percent over the last seven days. The price has jumped above the upper limit of the volatility indicator, which is trading at $1.24, and the MA value is still below the SMA 50 curve due to the continuous bearish trend previously.
The volatility is increasing, which has provided the chance for the bulls to rally high. With the upper Bollinger band reaching $1.24 and the lower band reaching $1.08, representing the strongest support combined, the indicator suggests a vast price envelope for ARB to oscillate within. The Relative Strength Index (RSI) score has also increased to index 55, but the indicator curve is almost flat, which indicates the presence of selling pressure in the market.
Arbitrum price analysis: Recent developments and further technical indications
The 4-hour chart for Arbitrum price analysis also supports the bulls, as they have returned and have taken charge of the price function during the last hour, gaining significant value for the crypto pair. The bears also tried to play in after the price broke upward at the start of the day but were sidelined by the bulls after three hours. The price has been recorded to cover the range upward during the last hour as well as it has reached $1.25.
The Bollinger Bands are displaying the following figures; the upper Bollinger band is present at $1.25 while the lower band is present at $1.10, respectively, and the price is trading near the upper band. The RSI is maintaining its level at an index of 76, which is a very high score as it suggests the coin is overvalued at the moment, and the indicator can give a sell call by turning downwards, however, at present, the indicator isn’t showing a buy or a sell signal.
Arbitrum price analysis conclusion
From the above 1-day and 4-hour Arbitrum price analysis, we can see that the bulls are trying to fight back the bearish momentum. The ARB/USD price levels have reached $1.25 today, which is a great achievement for the bulls after a period of huge losses. We expect the cryptocurrency to continue to gain further upside. On the flip side, selling pressure can build any time again, which may cause a correction to the extent that the daily trend can also change, so cautious trading is advised.
