Market Analysis

ARBITRUM PRICE ANALYSIS & PREDICTION (January 5) – ARB Defies Market Sentiment As It Continues to Surge, Up 30% In A Week

ARB has been gaining traction since the price surged through a key supply zone some weeks back. It remained strong daily and continued to surge until the price broke out to a new high today.

Two weeks ago, ARB broke out of a key supply zone after experiencing weeks of recovery from the $0.77 level. After that, it pulled back and retested the supply zone as demand. The price bounced back and maintained upward movement.

Since then, it has emerged as one of the trending layer 2 tokens following several gains over the past few days. Earlier today, the price surged through $1.82 (a previous all-time high) to reach a new multi-high of $2 after three months of steady increase.

Amidst the latest crypto meltdown, which came during the New York session today, the price dipped to around $1.463 on Binance and quickly recovered back to where it is now trading well above $1.9. 

If this meltdown cools off a bit, we can expect the price to flip more resistance levels in the coming hours. If not, it may navigate the previous ATH for support. But from the look of things, the asset has not shown any sign of dropping yet as more increase is expected.

However, despite this dip, it is currently the second top-gainer of the market with an 8% surge in the last 24 hours. So far, ARB has increased by 90% in a month.

ARB’s Key Level To Watch

While the price has not stopped increasing in the past hours, ARB is likely to retake the $2 daily high. A daily candle close above this high should propel more buys to $2.2 and potentially $2.4.

In case of more drops, the support levels to watch for a correction are $1.82, $1.6 and $1.4. 

Key Resistance Levels: $2, $2.2, $2.4

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

  • Spot Price: $1.92
  • 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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