1. BITBILIHome
  2. Article

Arbitrum price analysis: ARB gains at $1.16 as the market turns bullish

• 54 views

TL;DR Breakdown

  • Arbitrum price analysis shows intensifying bullish signs
  • The ARB/USD found support at the $1.15 mark
  • Resistance for ARB is present at $1.17

Arbitrum price analysis is on the bullish side today. The bulls have recovered a good range from the recent support level of $1.15, and momentum is growing stronger. The bullish momentum that started earlier today is gaining strength, and the price of ARB has surged to $1.16. The bearish trend also that was in place for the last few days seems to have been reversed. The price went as high as $1.17 at one point, which acts like a strong resistance level.

Arbitrum price analysis 1-day chart: ARB is trading in an uptrend as more buying pressure mounts

On the daily chart, Arbitrum price analysis shows ARB is trading in an uptrend. The chart has formed a strong uptrend line from $1.14 to $1.17, indicating that the buyers are still in control of the market. The market capitalization has also been increasing significantly as more buyers enter the market, and this is likely to push the price even higher in the coming days. Currently, the market cap stands at $1.22 billion, However, the trading volume is still on the low side at $11.25 million, which indicates that there is still a lot of room for growth in the market.

image 751Arbitrum price analysis: ARB gains at <img decoding=
ARB/USD 24-hour chart. Source: Tradingview

The technical indicators are also pointing toward bullish signs, as the Relative Strength Index (RSI) has crossed above 40 and is currently at 41.82, while the Moving Average Convergence Divergence (MACD) line is trading close to the 0 levels and looks set to cross it soon. The Bolinger bands have also expanded, indicating an increase in volatility in the markets. The upper Bollinger band is currently at $1.37, while the lower Bollinger band is at $1.04.

Arbitrum price analysis: Upward strike leads the price to a $1.16 goal

The hourly price chart for Arbitrum price analysis is going in the direction of the buyers as a bullish activity was observed during the past few hours. The bullish momentum is gaining more and more stability and the price is progressing forwards. Currently, the cryptocurrency value has reached a $1.16 destination as a result of the upward sweep. Chances of further growth seem quite close as the bulls are standing firm.

image 750Arbitrum price analysis: ARB gains at <img decoding=
ARB/USD 4-hour chart. Source: Tradingview

The hourly technicals are also indicating bullish pressure. The RSI value is increasing and at present stands at 45.95 with a slight increase in buying activity. Additionally, the price is above both its 20-day EMA and 50-day SMA lines, suggesting an uptrend in the short term. The histogram is also gaining energy as bulls are getting more aggressive. The upper and the lower Bollinger bands are respectively at $1.20 and $1.12, indicating that the price is trading in a tight range and has the potential to come out of it soon.

Arbitrum price analysis conclusion

Overall, Arbitrum price analysis shows that the bulls are in control and the ARB/USD pair is looking to make further gains in the near future. The support level at around $1.15 has held well, and the resistance level of $1.17 is expected to be breached soon. The bullish technical indicators are also suggesting an increase in buying pressure in the coming days, the buying activity is expected to increase as the market capitalization and trading volume continue to rise.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Arbitrum price analysis: ARB gains at $1.16 as the market turns bullish

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月21日 01:22
Next 2023年5月21日 02:00

Related articles

  • AI vs. human minds: Study uncovers alarming trust in AI-generated lies

    TL;DR Breakdown According to research, an AI-written piece of disinformation could have more of an impact on the general public. Respondents in the survey could not differentiate between tweets sent by GPT-3 and those generated by humans. In addition, the majority of respondents thought the AI-generated tweets were more credible. Description A study found that when AI language models write tweets, people regard them to be more credible. At least, that’s how it looked in a recent research contrasting language produced by OpenAI’s GPT-3 model with content written by people. Scientists polled people in the newest investigation to see if they could distinguish if a tweet … Read more A study found that when AI language models write tweets, people regard them to be more credible. At least, that’s how it looked in a recent research contrasting language produced by OpenAI’s GPT-3 model with content written by people. Scientists polled people in the newest investigation to see if they could distinguish if a tweet were posted by a human or GPT-3. How so? Nobody could do it. Participants were also…

    Article 2023年7月2日

  • Congressional committee set to vote on crypto bills

    TL;DR Breakdown The House Financial Services Committee is preparing to vote on several bills aimed at establishing a regulatory framework for cryptocurrencies. The proposed legislation includes a bill that differentiates when a cryptocurrency is considered a security or a commodity. Description An air of anticipation wraps Capitol Hill as the House Financial Services Committee gears up to cast votes on a host of crypto bills. This significant development paints a hopeful future for the digital asset industry as the U.S. legislature is finally drawing a regulatory net around cryptocurrencies – a movement that is seen as … Read more An air of anticipation wraps Capitol Hill as the House Financial Services Committee gears up to cast votes on a host of crypto bills. This significant development paints a hopeful future for the digital asset industry as the U.S. legislature is finally drawing a regulatory net around cryptocurrencies – a movement that is seen as a breakthrough moment in the long-sought-after bid for formal oversight in this field. Cautious steps towards regulatory clarity Last year’s debacle involving investors suffering massive losses…

    Article 2023年7月27日

  • On China’s economy: Markets send surprising message

    TL;DR Breakdown Despite concerns, Chinese markets don’t reflect impending economic doom. Chinese bank shares have risen 2.4% in the past year, outperforming US banks by 12.6%. Chinese government bonds have surpassed US Treasuries by over 30% in less than three years. China-sensitive commodities and Western brands are thriving, contrary to negative economic predictions. Description As China grapples with declining property prices and financial challenges among its large real estate developers, the alarm bells are ringing for some observers. They see shades of the 2008 financial crisis, predicting doom for China’s economy due to years of alleged over-investment and unproductive ventures. But surprisingly, markets are telling a different story, one … Read more As China grapples with declining property prices and financial challenges among its large real estate developers, the alarm bells are ringing for some observers. They see shades of the 2008 financial crisis, predicting doom for China’s economy due to years of alleged over-investment and unproductive ventures. But surprisingly, markets are telling a different story, one that’s not fraught with impending catastrophe. China Banks & Bonds: Defying the Norms…

    Article 2023年8月29日

  • Russian banker predicts dollar’s downfall in global shift

    TL;DR Breakdown Andrey Kostin, chairman of Russia’s second-largest bank, predicts the decline of the U.S. dollar’s dominance. The rise of the Chinese yuan is attributed to China’s growing economic power and a likely removal of currency restrictions. Western sanctions’ effects and actions freezing Russian assets have prompted countries to seek alternatives to the U.S. dollar. A seismic shift is forecasted in global currency dominance, with the chairman of VTB, Russia’s second-largest bank, hinting at the decline of the U.S. dollar. Andrey Kostin, who helms the bank, suggests that the emergence of the Chinese yuan as a potential global leader could signal a change in the global economic landscape. The emerging power of the yuan According to Kostin, the impending currency revolution has been sparked by China’s increasing economic prominence and worldwide reactions to ineffective Western sanctions during the Ukraine crisis. He predicts that as China continues to ascend the global economic ladder, they will likely start to loosen their currency restrictions, moving the yuan from a non-convertible to a convertible currency. Such a move would be a strategic chess move…

    Article 2023年6月13日

  • Ava Labs launches Arcad3 to help gaming companies enter the Web3 space

    TL;DR Breakdown Ava Labs has launched Arcad3 to introduce gaming outfits into the Web3 ecosystem. The platform has announced two firms as early partners in the project. Ava Labs, the crypto firm supporting the Avalanche blockchain, has introduced Avalanche Arcad3, a collaborative program aimed at traditional game developers seeking to explore blockchain game integrations. The initiative has already garnered early partnerships with Japanese metaverse and entertainment companies Gree and Gumi, both of whom are eager to delve into blockchain gaming through the Ethereum-compatible Avalanche chain. Ava Labs wants to bring Web3 to gaming companies Avalanche Arcad3 aims to bridge the gap between “Web2” game developers and various entities within the blockchain gaming ecosystem. The program will connect game makers with existing esports organizations, blockchain gaming guilds, and Web3 game studios operating on the Avalanche network. Participants will gain insights into regulatory compliance strategies, and implementation of on-chain features such as NFTs, prize pools, esports marketing, and in-game tokens. For Web2 partners, Ava Labs will offer guidance on entering the crypto gaming space more broadly and effectively marketing the transition to…

    Article 2023年6月14日
TOP