Golden Cross and Potential Move
The chart shows two distinct Golden Cross patterns. This means that the short-term moving average crosses the long-term moving average upwards, usually signaling the start of an uptrend.
It is clear that there was a 136% rally after the first Golden Cross. This strong upward movement suggests that ARB is preparing for a similar price move again.
The second golden cross that recently formed suggests a similar 136% upside potential if history repeats itself, meaning ARB could target the $1.74 and $2.28 resistance levels.
Support and Resistance Levels
Supports: The $0.68 and $0.74 levels are critical areas where the price could see strong buying pressure on further downside moves.
Resistances: The levels of $0.91, $1.22, $1.74 and $2.28 stand out as critical barriers to the rise.
In particular, the $1.74 level appears to be an important target area on the chart.
Price action above $2.28 could spark a larger bull run.
Trend Analysis
Uptrend: Recent movements indicate that an upward trend is gaining strength. This trend, supported by the Golden Cross, may attract more buyers.
A Fibonacci-like Move: A 136% upside target has been set after the second Golden Cross. This is consistent with past price action and would be inevitable with a logical bullish season.
Momentum and Volume
An increase in trading volume indicates that buyer interest is increasing and is a catalyst that will support the price move upwards.
If volume continues at these levels, the probability of breaking the resistance areas will increase.
General Comment
ARB appears to have strong upside potential according to technical indicators. A re-formation of a classic bullish signal like the Golden Cross could provide a safe entry point for traders. However, breaking above the resistance levels will be critical to determine the continuation of a strong uptrend. A close above $1.74 could push the price higher.
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