Market Analysis

ARBITRUM PRICE ANALYSIS & PREDICTION (May 24) – ARB Faces Key Resistance After Charting 25% Weekly Gain, Potential Breakup?

Arbitrum’s ARB price appeared strong on a weekly scale after bouncing above a key level. The price is still trading far away from the top, providing a big discount for a long-term buy while negotiating a key resistance level.

ARB saw a huge loss during the last bearish correctional phase as it crashed back near the bottom. As selling exhaustion set in, the $0.86 level was rejected and the price bounced back sharply. 

After testing $1.25 on a recovery mode, it lost momentum again and fell slowly until the price reached $0.95 last week. It managed to lift off that level but encountered rejections at $1 and ended that week slightly bullish. 

This week became more volatile and the price surged to around $1.26 today. However, due to the latest drops in the market, the price fell slightly and currently trades at around the $1.21 level. 

Dropping off that level could bring a retest to this week’s $1 surge level. After that, we can expect a rebound. On the other hand, pushing higher from the current level could facilitate a significant break-up. 

Looking at the bigger picture on the daily chart, the price is still much cheaper as huge gains lie ahead. Compared to other top altcoins in the past weeks, ARB is lagging but the future looks so promising.

ARB’s Key Level To Watch

Source: Tradingview

Right now, the bulls are facing hurdles at the key $1.25 resistance. If they manage to scale through, we can expect a bigger price movement to $1.4, $1.6 and $1.8. The main target level lies at $2, testing a descending resistance line

ARB has held the $1.1 level as support for two days now. If it loses this level, the next support to the watch on the list would be $0.86 and $0.8.

Key Resistance Levels: $1.25, $1.4, $1.6

Key Support Levels: $1, $0.86, $0.8

  • Spot Price: $1.21
  • Trend: Bullish
  • Volatility: Moderate

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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