Market Analysis

ARBITRUM PRICE ANALYSIS & PREDICTION (January 11) –  ARB Defies Odd As It Advances Bullish Amid Latest Market Drops

Despite slight decrease in the global market cap today, ARB defies the odd and posted 5% gain. It bounced off a key support level few days ago and now aiming to retake previous resistance. The price may breakup soon.

Last week, Arbitrum reached a new high of $2.1 after rallying through several resistance levels in the preceding weeks. The rally paused for a while and the price started to fall.  

Following the fall, which led to a five-day pullback, it found support at around $1.6 and sharply resumed bullish. The buyers reiterated the positive actions and the price further increased to a current trading level of $1.9.

While the market is jerking for another leg up, the price must break successfully above last week’s high before we can confirm more upside movement. However, if that fails to occur as a result of a rejection, ARB may fall back to look for a nearby support for a rebound.

Failure to rebound may lead to a broader pullback capable of bringing a retest at the crucial support level that was flipped as resistance in the past weeks. A strong rebound should take place after that.

Currently, it appeared bullish on the daily chart. A bigger price movement should be expected if the bulls continue to gain control.

ARB’s Key Level To Watch

Source: Tradingview

As the price surges towards the $2.1 resistance level, a break above this level could fuel a quick rally to $2.3 and $2.5 before increasing to $3 in no time.

The $1.8 level is held as support since yesterday. If the price drops and this level fails to contain pressure, this week’s bounce level would the next support to watch. Below this level lies $1.4, followed by the crucial support levels of $1.35 and $1.25

Key Resistance Levels: $2.1, $2.3, $2.5

Key Support Levels: $1.82, $1.6, $1.4

  • Spot Price: $1.91
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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