Arbitrum price analysis is bullish, with the ARB/USD pair rising to the $1.17 level. The price action recently created a bullish engulfing candlestick pattern, which indicates that the token is in an uptrend. The Arbitrum price is trading within the confines of a symmetrical triangle pattern, which could potentially break to the upside. Resistance is found at $1.18, which needs to be breached for a further upside move. Support is seen at the triangle bottom of $1.15, and if breached, a dip to $1.09 could be seen.
The market capitalization for the token has been increasing steadily, indicating that there is strong demand for ARB tokens, and is currently at $1.45 billion. While the trading volume remains low at $208 million, the market cap is on an uptrend and may indicate further price appreciation in the near future.
Arbitrum price analysis 1-day chart: ARB is driven to $1.17 by bullish momentum.
The 1-day Arbitrum price analysis has bullish signs, with the price levels increasing, although the past week has been unfavorable for the bulls as the price levels have continued to decrease as of today the market is bullish. The bulls and the bears are currently in a battle for control of the market, but with the bullish momentum pushing prices higher, it shows that buyers are currently dominating. This could potentially lead to a break above resistance and further price increases for Arbitrum.
The Relative Strength Index (RSI) also indicates bullish sentiment, with its reading of 46.21 heading towards the overbought zone. The moving average (MA) also confirms the bullishness, as it is in an uptrend and has risen above its short-term MA. The MACD chart for Arbitrum price analysis is further confirming the bullish trend as it shows an upward curve that points to further gains in the near future.
ARB/USD 4-hour price chart: Bulls are in control as the Arbitrum price approaches $1.17
The 4-hour Arbitrum chart is showing that the buyers are pushing for higher prices, and if the support at $1.15 holds, then a further upside may be expected in ARB. The coin reported an increase in value of 0.07 percent for the last 24 hours, indicating that the uptrend is gaining momentum. The MACD indicator is in bullish territory above the signal line, which indicates that there are increasing buying pressures and that they are likely to continue for some time.
The 50 SMA is currently providing support for the ARB/USD pair as it is located below the current trading price. However, the 200 SMA is slowly catching up, and a crossover between these two moving averages could see Arbitrum target higher prices. In addition, the Relative Strength Index (RSI) has pushed into overbought territory above 60. This suggests that traders are buying the token at a faster rate than selling it and that further bullish momentum may be present.
Arbitrum price analysis conclusion
The overall outlook for Arbitrum looks bullish, and if the current trend continues, then the token could potentially test $1.20 in the short term. The key levels to watch are support at $1.15 and resistance at $1.08. A break above the $1.18 mark could indicate further upside, while a dip below $1.21 may confirm a reversal in trend. Both the hourly and the daily technical indicators are currently in a bullish state, and they are indicating that the bulls have the upper hand in the market.
