Arbitrum Price Prediction: The ARB price shows the formation of a descending triangle pattern in the 4-hour time frame chart. Today, while coin rice showed a 13.5% growth, the buyers breached the resistance trendline of the pattern offering an early signal of uptrend resumption. This pattern can influence the future price of the Arbitrum coin.

Key Points: 

In just the last two days, the Arbirum price surged 20% to reach a current price of 
A bullish crossover between the 20 and 100 EMA will encourage more buyers in the market
The intraday trading volume in Ether is $1.94 billion, indicating a 46.5% loss.

Source- Tradingview

In theory, the formation of a descending triangle pattern is a sign of upcoming downfall. formation of lower lows within the pattern reflects the gradual increase in bearish momentum and is used to grab a short-selling opportunity.

However, in rare cases such as this, a bullish breakout from the pattern’s resistance trendline undermines the bearish thesis. Today, the ARB price witnessed significant inflow and breached the overheads trendline and local resistance of $1.31.

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If the price manages to sustain above the breached trendline, it would indicate the market sentiment is shifting from selling on rallies to buying dips. With sustained buying pressure, the ARB price should rise 15% higher to rechallenge the $1.56 barrier. 

Conversely, a breakdown below $1.25 will invalidate the bullish thesis

Technical Indicator

RSI: The RSI slope rising higher in the bullish territory reflects the aggressive buying activity in the market.

EMAs: the reclaimed EMAs(20, 50, and 100) could offer an additional edge to long traders.

Arbitrum Coin Price Intraday Levels-

Spot rate: $1.36
Trend: Bullish
Volatility: High
Resistance level- $1.44 and $1.56
Support level- $1.187 and $1.1

The post Arbitrum Price Prediction: ARB Price on Recovery Track Sees a 15% Growth Potential; Enter Now?  appeared first on CoinGape.

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Filed under: News - @ April 13, 2023 7:22 pm