The Arbitrum price analysis shows a strong bullish movement, as the ARB/USD pair has breached the $1.14 mark and is now trading above this level. Despite opening today’s session at $1.15, the bulls have gained over 2.48 per cent in the past 24 hours, pushing Arbitrum’s price higher and supporting an uptrend.
At the time of writing, ARB, the native token of Arbitrum, is trading at $1.20, with strong support at the $1.14 level. The bearish was also in control of the price for some time, but then the bulls came in and pushed the prices higher. Most of the cryptocurrencies today are trading in the green, with top coins such as Bitcoin and Ethereum gaining close to 1.35% and 0.25%, respectively, in the past 24 hours.
Arbitrum price analysis 1-day chart: ARB shows a bullish market sentiment
The one-day chart of Arbitrum price analysis shows that the coin is trading at $1.20 after a strong bullish run. During the last 24 hours, arbitum’s price jumped from a low of $1.14 to a high of around $1.21. The bulls have been in control of the trend since then, with the price continuing to stay above $1.20. The trading volume has seen a significant increase in the past 24 hours, marking a gain of almost 1.09 per cent, with the market capitalization now standing at $1,534,123,478.
The technical indicators on the chart also support a bullish sentiment. The MACD indicator has turned back to the positive territory and shows an upward trajectory since the MACD line has crossed over the signal line. The RSI indicator is sharply pointing upwards from the oversold region and is currently at 45.36,, showing that buyers are in control of the market and there is still room for further gains. Furthermore, the Bollinger Bands are also widening, indicating an increase in volatility in the ARB/USD pair.
Arbitrum price analysis 4-hour chart: Recent developments and further indications
On the 4-hour chart, Arbitrum price analysis shows that the pair is forming a bullish pennant which is a continuation pattern of the uptrend that has been developing over the past few hours. ARB has been trading in the range of $1.14 and $1.21 for the past few hours; however, it seems that the bulls are pushing hard to break out of this range and continue its upward trajectory, as seen on the chart.
Looking at the technical indicators, the Relative Strength Index(RSI) is slowly inching upwards and currently at 56.49, indicating a strong buying pressure, while the Moving Average Convergence Divergence (MACD) indicator is also trending higher. The MACD line has crossed over the signal line and is now trending in the positive territory showing that buyers are starting to gain momentum. In addition, the Bollinger bands have started to widen again, with the upper band present at $1.22, which could act as a strong resistance for the coin in the future, while the lower band is present at $1.14, which could act as strong support for the coin over the upcoming days.
Arbitrum price analysis conclusion
Overall, Arbitrum price analysis shows that ARB is trending higher and is currently trading above the $1.14 mark, indicating positive sentiments among traders and investors. The technical indicators on both the 1-day chart and 4-hour chart are also pointing upwards, showing that the bulls have gained momentum in the market.
