The Arbitrum price analysis indicates a positive trend in the market with an increasing momentum. The bulls have regained control over the market and the price has moved upwards. The coin value has seen a moderate increase, reaching $1.32 at the time of writing. This positive price movement suggests a bullish market sentiment and a high probability of continued price uptrend in the upcoming week. The coin has been able to hold a strong support level at $1.31 despite occasional corrections, indicating a potential consolidation at this level. However, the next support level is at $1.24.
ARB/USD 1-day price chart: Market sentiment shifts in bullish direction
According to the one-day Arbitrum price analysis, the cryptocurrency market is experiencing a sluggish bullish trend, with bulls controlling the price chart for the day. The ARB/USD value has slightly increased, standing at $1.32 as the market follows an upward trend. A more substantial increase in the coin’s value is possible if the bullish trend intensifies. However, over the last 24 hours, the coin has suffered a loss of 1.73 percent, and over the past week, it has reported a more significant decline of 7.08 percent. Despite the slow bullish trend, the moving average (MA) value for the coin is still below the SMA 50 curve, currently at the $1.35 level.
Despite the high volatility, the upper Bollinger band is showing signs of convergence, indicating a potential decrease in volatility in the future for the crypto pair. The Bollinger bands indicator readings suggest that the strongest resistance level is at the upper band of $1.64, while the strongest support level is at the lower band of $1.20. Meanwhile, the Relative Strength Index (RSI) score remains unchanged due to the slow price oscillation, with a hovering index of 45 in the lower half of the neutral zone.
Arbitrum price analysis: Recent developments and further technical indications
The hourly Arbitrum price analysis reveals a bullish trend as the cryptocurrency price shows an upward movement in the past few hours. Bulls have taken the lead, and the price movement on the daily charts indicates an upward trend, while on the 4-hour chart, the trend line is being redirected upward, showing the bulls’ attempts to overpower the bears. Currently, the crypto pair is valued at $1.32, and further upward movement is expected in the coming hours. The moving average value is currently lower than the SMA 50, which stands at $1.328, indicating a potential upward trend.
The Bollinger Bands indicator readings are indicating a relatively stable market for the crypto pair, as the upper Bollinger band is standing at $1.35, representing the resistance level, while the lower Bollinger band is at $1.30, representing the support level. The Relative Strength Index (RSI) score has been maintained at index 45 due to the bullish price movement.
Arbitrum price analysis: Conclusion
The hourly and daily Arbitrum price analysis highlights a positive outlook for buyers, as the market has experienced an increase in coin value, indicating strong support for the bulls. While the market trend has been bearish for the past two days, the coin value has significantly increased today, with ARB/USD currently standing at $1.32. The market may continue to witness growth in the upcoming hours as the buyers maintain their dominance. However, it’s important to note that selling pressure remains a possibility, as indicated by the flat curves of RSI on both charts, which could potentially shift the trend in the opposite direction.
