💥💥💥 #Arbitrum ($ARB ) Breaks Above Resistance, Price Targets Monthly High
Arbitrum (ARB) has surged above a crucial resistance level amidst the broader #cryptocurrency market rally observed in the past 24 hours.
Currently trading at $1.15, ARB has witnessed a remarkable 17% price surge, echoing the 8% uptick in the global cryptocurrency market capitalization during the same period.
Increased Bullish Activity
- The heightened activity surrounding ARB is evident in its trading volume, which has surged to $1.04 billion, marking its highest single-day level since March 21. This surge in trading volume alongside price appreciation is typically interpreted as a bullish signal, indicating growing interest from traders.
- Moreover, ARB's futures open interest has surged by 19% to $243 million, reflecting increased market participation as more traders open new positions.
Price Prediction: Sustaining Bullish Momentum
- Surpassing the resistance at $1.13, ARB's price now stands above its 20-day Exponential Moving Average (EMA) and its 50-day Simple Moving Average (SMA). This bullish crossover suggests positive short-term and medium-term price movements, signaling upward momentum.
- With ARB's Relative Strength Index (RSI) at 57.12, indicating an uptrend and a preference for accumulation over distribution, the altcoin's price may potentially reach $1.17 if the current accumulation momentum persists.
- However, exhaustion among buyers could lead to bearish pressure, pushing ARB's price back below resistance and potentially down to $1.09. As the market dynamics unfold, maintaining bullish momentum will be critical for ARB's price trajectory.
Source - beincrypto.com
