Hello, Skyrexians!
Let's continue analyze different altcoins and try to calculate the potential gains in the bull market if it will happen. Today we have $ARB - one the of top layer 2 in cryptocurrency market. Since March 2024 price has decreased significantly and broke the main "scam" support level. People now don't understand if Arbitrum is going to zero or we will see the significant gains on the bull run.
On the chart you can see ARB weekly time frame. After listing price pumped significantly, let's count this move as the wave 1. The further formation we cannot interpret as an impulse. The impulsive wave was only the last decrease, because it has clear 5 Elliott waves inside on the lower time frame. As a result, we can interpret all this move as irregular correction ABC, which forms the large wave 2. May be you tell that it's ugly, but sometimes corrective waves can have very unpredictable shapes.
As we can see the wave C inside 2 has been finished already with the bullish reversal bar on the Bullish/Bearish Reversal Bars Indicator [Skyrexio]. This bar is marked with the green dot. This is potentially very strong reversal sign, high chance to start the bullish phase from now. It's very important to break through the white line, the lips of Williams Alligator indicator and find support above it to trigger the increase. If this happens the next wave is wave 3 has the target area between $3.76 and $6.08. We assume that this target is going to be reached in 2025.
Best regards,
Skyrexio Team
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