- Arbitrum has recently crossed a key resistance level for the first time after August 2023. ARB’s price also increased by 2% in the last 24 hours.
- While the price of ARB increased, its trading volume decreased in the last 24 hours.
- Investors had tremendous trust in ARB, but signs were bearish.
Arbitrum [ARB] has recently broken through a critical resistance level. This move hinted that the token’s value could rise even more.
As a result, let’s take a closer look at ARB’s on-chain data and market indicators to see if investors should expect ARB to reach $2 anytime soon.
Arbitrum’s Price Move Appears To Be Ambitious
Crypto Tony, a renowned crypto influencer, recently tweeted on X (previously Twitter) about how ARB broke through a crucial resistance level. According to the tweet, ARB has surpassed the $1.07 level.
The token was able to do so for the first time after mid-August 2023, implying that its price will rise more in the days ahead.
The one resistance zone we need $ARB / #Arbitrum to close over to confirm ARB SEASON pic.twitter.com/r3gW2Izhh4
— Crypto Tony (@CryptoTony__) November 4, 2023
According to CoinMarketCap data, ARB’s price is really rising. In the last 24 hours, the token’s value has increased by more than 2%.
ARB was trading at $1.10 at the time of writing, with a market capitalization of more than $1.39 billion. This increased the likelihood that ARB would reach $2. A closer look, however, revealed a different picture.
While the token’s price increased, its trading volume decreased, indicating that investors were unwilling to trade it. Arbitrum’s market sentiment has likewise shifted bearish, with bullish sentiment dropping by more than 52% in the previous 24 hours, as has social engagement.
Nonetheless, a number of the token’s metrics remained positive.
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Arbitrum’s AltRank, for example, improved, increasing the likelihood of a sustained price surge. Not only that, but the token’s MVRV ratio increased significantly. Its network growth has remained strong, which means that more new addresses have been created to trade the token.
The confidence of whales and investors in ARB has also remained high. The fact that ARB’s whale transaction count and overall number of holdings climbed over the last week demonstrates this.
Looking Ahead
Arbitrum’s Relative Strength Index (RSI) had crossed into the overbought zone, which can put selling pressure on ARB and cause its price to fall. ARB’s Bollinger Bands were another bearish indication.
The indicator suggested that the price of ARB had reached its upper limit, raising the likelihood of a trend reversal. Despite this, the MACD demonstrated a clear bullish advantage in the market. Its Chaikin Money Flow (CMF) was also updated, indicating that the price increase is continuing.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in 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.
