The price of Arbitrum (ARB) has risen above a key resistance level amid gains in the broader cryptocurrency market. On the other hand, Bitbot AI represents a groundbreaking advancement in the realm of cryptocurrency trading, offering traders a revolutionary blend of seamless integration and advanced analysis capabilities.
Arbitrum sees a surge in bullish activity
Over the past 24 hours, ARB trading volume has increased significantly, reaching a three-month high of $1.04 billion. However, an increase in the price of the asset along with trading volume is generally considered a bullish signal.
The surge in market interest was reflected in open interest in futures. In addition, over the past 24 hours, the figure has increased by 19% to $243 million.
Meanwhile, the funding ratio remains positive, suggesting that more traders are taking long positions on Arbitrum.
Arbitrum (ARB) price forecast: bulls must hold!
In addition to rising above the $1.13 resistance level, ARB price is above the 20-day exponential moving average (EMA) and 50-day small moving average (SMA). However, this is usually considered a bullish signal indicating positive performance of the asset in the medium term.
The growth in demand for altcoins is confirmed by the relative strength index (RSI), which is 57.12. If this accumulation momentum continues, Arbitrum could break above $1.22. However, a decline in interest in the altcoin will help the bears regain control of the situation and return ARB to the $1.09 level.
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