Arbitrum’s price has further increased by 5% this week after witnessing a solid rebound in October. Having formed a bullish pattern on the daily chart, the price increased above $1 and now targeting July’s high.
Amid recent upsurge across the market, ARB has seen a notable gain after establishing base support above $0.76 in the past month.
During last week’s surge, it climbed back above the psychological $1 level and pushed higher for some days before it encountered resistance at $1.15 on Monday.
The price fell slightly from that resistance and remained calm ever since. Meanwhile, the bulls are still gaining control as they try to regroup back. For the past 24 hours now, there’s not enough buying volume to sustain pressure in the market.
However, the price may roll back if the bulls fail to show strong commitment. That may trigger a small pullback in price. But looking at the market structure, which is still in a build-up stage, the price is more likely to advance higher in the coming days.
If we consider the bullish pattern formation on the daily chart, more positive actions should be expected towards July’s resistance before dropping. As of now, ARB remains bullish from a short-term perspective.
ARB’s Key Level To Watch
While the crypto is facing hurdles around $1.1, the next resistance level to keep in mind is $1.25. After that, the higher resistance levels to consider for an increase would be $1.35 and $1.56.
On the other hand, the closest support level to watch for a drop is $0.99. If this support fails to produce a rebound, the next level to watch would be $0.85 and $0.766. A breakdown from there could send the price to the low of $0.7.
Key Resistance Levels: $1.25, $1.35, $1.56
Key Support Levels: $0.99, $0.85, $0.766
- Spot Price: $1.08
- 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.