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The beginning of the year saw positive momentum for Arbitrum's price, with a notable increase in its portfolio value. However, after reaching a rejection point at $2.0966, the ARB token experienced a bearish influence, leading to a significant loss in gains. Subsequently, the price fluctuated between $1.6743 and $1.8075, followed by a bullish surge of over 40%. After a period of sideways trading, increased market volatility caused a fresh bearish wave, resulting in a 34% correction.
🎁In the recent analysis of Arbitrum's price on TradingView (ARB/USDT), the bulls successfully broke out of the resistance level after testing the crucial support at $1.5467. The price has since consolidated within the range of $1.6743 and $1.9698, indicating weak buying and selling pressure. The MACD indicator shows a descending trend in the histogram, suggesting reduced buying pressure, while the averages exhibit a steady rise, indicating a bullish influence.
🗣️Maintaining the price above the support level of $1.8075 could empower the bulls to test the upper resistance at $2.0966 this month. Conversely, a trend reversal might lead to a test of the important support at $1.6743. Global recognition and adoption could propel ARB prices to an annual high of $3.92, while a lack of investor trust and a bearish trend could bring the price down to $2.08. Considering the current trend, the average ARB price is anticipated to be around
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