As volume troops back in the market, ARB advanced bullish and posted gains to test the $0.9 level today. This level has halted buying activity in the past hour but it is expected to continue if the volume level increases.
Last December’s drop took many by surprise as several altcoins including ARB broke down to a month low during the market-wide correction.
Technically, that correction was healthy for the market to enable robust growth in the future, although it caused a serious panic in the market but the sellers short-lived their expectations as the price bounced back.
While the sellers aim to resume pressure during the brief consolidation phase, the bulls took advantage of the bounce this week and pushed higher amid current rising demand. Fortunately, the wide but short correction halted and the price increased consistently.
Looking at the latest setup, the bulls are back in action, although they are yet to recover all the lost grounds. A clear break above the previous monthly high should set the stage for a massive bullish move.
Conversely, a rejection there could subject the price to a consolidation before breaking up. Now that ARB is starting the new year in a grand style, we can expect an explosive move when a break-up occurs.
ARB’s Key Level To Watch
Source: Tradingview
Aside from the close $0.96 resistance, the key target level for the bulls right now is $1.1. If they overcome it, the $1.24 level would be the next resistance to watch with a potential breakout to $2 in the near term.
A drop from the current trading level could trigger a small pullback to $0.74. Meanwhile, the latest move is supported by $0.7. Lower levels to watch for a breakdown are $0.613 and $0.57.
Key Resistance Levels: $0.96, $1.1, $1.24
Key Support Levels: $0.705, $0.613, $0.57
- Spot Price: $0.89
- 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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