Following this month’s surge, ARB is now looking bullish after breaking out of a key range yesterday. Though the price is currently down due to a recent rejection, we can anticipate a strong recovery soon.
Unlike most layer 2 tokens, which have seen impressive growth in the past month, ARB remains neutral-bearish but the price seems to be rising after reestablishing support above the $0.45 level two weeks back.
After facing resistance at $0.7 this week, it pulled back into the $0.5 range and created new support above the range. It regained momentum and broke out of the resistance yesterday.
Unfortunately, it rejected the $0.77 level and dropped to test the previously broken resistance as support. A recovery should be expected soon. While anticipating the next bullish move, May’s high would be the next target to watch in the upcoming days.
Looking at the current market structure, ARB is still trading in a bearish zone from a mid-term perspective. If the bears show up again, the crypto may lose momentum and turn weak on a daily scale. But with the look of things, the bulls will most likely have an upper hand.
Now that the daily volume indicator is rising back after six months of trading flat, we can anticipate a huge price movement as the trend slowly turns in favour of the bulls.
ARB’s Key Level To Watch
If ARB retakes yesterday’s $0.764 high, the next line of resistance for a test would be $0.84. The resistance to watch next is the key $1 level, followed by $1.3 – May’s high.
For drops, there’s support at $0.62. Below it lies this week’s $0.57 support. Breaking lower could plunge the price back to the $0.5 level.
Key Resistance Levels: $0.764, $0.84, $1
Key Support Levels: $0.62, $0.57, $0.5
- Spot Price: $0.69
- 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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