Arbitrum price analysis is on the bullish side today. The bulls have recovered a good range from the recent support level of $1.15, and momentum is growing stronger. The bullish momentum that started earlier today is gaining strength, and the price of ARB has surged to $1.16. The bearish trend also that was in place for the last few days seems to have been reversed. The price went as high as $1.17 at one point, which acts like a strong resistance level.
Arbitrum price analysis 1-day chart: ARB is trading in an uptrend as more buying pressure mounts
On the daily chart, Arbitrum price analysis shows ARB is trading in an uptrend. The chart has formed a strong uptrend line from $1.14 to $1.17, indicating that the buyers are still in control of the market. The market capitalization has also been increasing significantly as more buyers enter the market, and this is likely to push the price even higher in the coming days. Currently, the market cap stands at $1.22 billion, However, the trading volume is still on the low side at $11.25 million, which indicates that there is still a lot of room for growth in the market.
The technical indicators are also pointing toward bullish signs, as the Relative Strength Index (RSI) has crossed above 40 and is currently at 41.82, while the Moving Average Convergence Divergence (MACD) line is trading close to the 0 levels and looks set to cross it soon. The Bolinger bands have also expanded, indicating an increase in volatility in the markets. The upper Bollinger band is currently at $1.37, while the lower Bollinger band is at $1.04.
Arbitrum price analysis: Upward strike leads the price to a $1.16 goal
The hourly price chart for Arbitrum price analysis is going in the direction of the buyers as a bullish activity was observed during the past few hours. The bullish momentum is gaining more and more stability and the price is progressing forwards. Currently, the cryptocurrency value has reached a $1.16 destination as a result of the upward sweep. Chances of further growth seem quite close as the bulls are standing firm.
The hourly technicals are also indicating bullish pressure. The RSI value is increasing and at present stands at 45.95 with a slight increase in buying activity. Additionally, the price is above both its 20-day EMA and 50-day SMA lines, suggesting an uptrend in the short term. The histogram is also gaining energy as bulls are getting more aggressive. The upper and the lower Bollinger bands are respectively at $1.20 and $1.12, indicating that the price is trading in a tight range and has the potential to come out of it soon.
Arbitrum price analysis conclusion
Overall, Arbitrum price analysis shows that the bulls are in control and the ARB/USD pair is looking to make further gains in the near future. The support level at around $1.15 has held well, and the resistance level of $1.17 is expected to be breached soon. The bullish technical indicators are also suggesting an increase in buying pressure in the coming days, the buying activity is expected to increase as the market capitalization and trading volume continue to rise.
