The post Is Arbitrum on the Verge of a Major Price Breakout? appeared on BitcoinEthereumNews.com.

ARB breakout could push prices to $2.2, testing key $1.2 resistance. Strong RSI and TVL growth indicate sustained bullish momentum despite short-term pullback. Arbitrum (ARB), one of the most notable altcoins, has recently seen a 6% decline, trading at $0.9879. Despite this, trading volume has surged by 105%, indicating heightened market activity. Just four days ago, ARB reached an eight-month high of $1.2384. Over the past month, it has gained 53%, reflecting investor confidence in its potential. The network has also achieved a major milestone, surpassing a $5 billion total value locked (TVL), highlighting growing interest from investors. This success reflects strong backing for the project’s future, with technical charts showing a bullish breakout from a two-year-long consolidation phase. A golden cross pattern, indicating potential upward momentum, has emerged, signaling that ARB could be gearing up for further growth. ARB Price Chart, Source: Sanbase However, ARB faces a critical test at the $1.2 resistance level. A sustained move past this threshold could trigger a significant rally, with the potential for prices to reach $2.2. Traders and investors are closely watching this key resistance point, eager to see if the breakout can hold and confirm a bullish trend. Despite a 7.15% drop in price over the past 24 hours, ARB’s technical indicators remain promising. The Relative Strength Index (RSI) stands at 62.3, signaling continued bullish momentum and strong support from investors. This resilience suggests that ARB remains a highly attractive asset, even amid short-term price fluctuations. Can ARB Bulls Persist the Momentum? In terms of engagement, ARB sees a moderate 22.5K daily active addresses, pointing to consistent user activity. As more users join the network, trading volume and overall market participation could increase, further fueling bullish momentum. Moreover, with a positive open interest weighted funding rate of 0.0355, sentiment among futures…

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Filed under: News - @ December 10, 2024 5:22 pm