This week saw Arbitrum through more recovery as the price surged to one month high. The bears are still trying to step back, but they may remain in disbelief if the price continued to increase.
Arbitrum has seen a substantial gain in the past weeks following a recovery above $1. The price increased further to reach a monthly high of $1.247 on Tuesday. It encountered resistance and slipped to where it’s trading at $1.14.
Looking at the price actions on the daily chart, the asset is footing a bullish trajectory with a V-shaped pattern, which could see the price to a new milestone in the upcoming week. Although, it must overcome the crucial $1.28 resistance level first.
A rejection of the mentioned resistance may lead to another major drawdown from a short-term perspective. The recent rejection indicates a strong reaction from the bears’ side, trying to defend the crucial level. If they continue to mount pressure, we may see negative actions in the coming week.
Considering the low buying volume over the past few days, the price could remain stuck under this crucial resistance until the demand level raises. This week’s bullish momentum is not strong on the daily chart. We can expect more push if the buyers continue to show commitment in the future. For now, the trend remains bearish on a short-term trend.
ARB’s Key Level To Watch
The minor resistance level to watch for an increase lies at $1.247 – the current weekly high. The crucial resistance for a breakout is the $1.28 level. From there, higher levels for a test are $1.4 and $1.6.
ARB has dropped a bit from the weekly high. If the price falls below the holding $1.14 level, the support levels to consider next are $1.06 and $1 before dipping to $0.9.
Key Resistance Levels: $1.28, $1.4, $1.6
Key Support Levels: $1.06, $1, $0.9
- Spot Price: $1.14
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
