Arbitrum (ARB) at a critical point: OK or continue?

Layer-2 project Arbitrum (ARB) is testing the critical resistance point at £0.61 with upward momentum.

The leading cryptocurrency Bitcoin's touch to £69,000 has paved the way for many altcoins. Although Ethereum remained weak in terms of individual performance, it started to rise with Bitcoin gaining strength. £74,324,831,819, which touched £2,700, has activated layer-2 projects.

Ethereum scaling project Arbitrum has gained momentum with the positive outlook in the market. Although the popular altcoin has lost nearly 2 percent in the last 24 hours, it has approached an important resistance level.

Analysis platform AMBCrypto stated that ARB is blinking at £0.68.

AMBCrypto used the following statements in its analysis;

“Technical indicators support a breakout, but on-chain data indicates that caution should be exercised despite positive funding rates.”

ARB trading near £0.60 has given analysts hope. AMBCrypto emphasized that breaking the £0.61 resistance is not easy, but daily closings will be important.

According to the analysis, if the ARB price closes above £0.61, it will move to £0.68. On the other hand, if the popular altcoin loses the £0.55 support, it is expected to sign a major decline. £54,850,929,418 is trading at £0.57.

Maintaining its positive view, AMBCrypto noted the following;

“The rising trend line indicates continued buying pressure and increases the possibility of upward momentum. However, failure to break £0.61 could potentially lead to a temporary pullback to £0.55.”

While technical indicators mostly reveal a bullish outlook, the RSI indicator points to overbought conditions. The analysis suggested that these indicators support upward momentum.

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