Arbitrum targets $1.30 with eyes on $2.42 breakthrough
Arbitrum (CRYPTO:ARB) has been gaining attention due to strong price movement and increased trading volume.
Currently trading at $0.6947, ARB has seen an 11.29% surge in the past 24 hours, with trading volume jumping 200% to $1.10 billion.
The main question for traders is whether ARB can break through the $1.30 resistance, which would set the stage for a potential rise to $2.42.
The weekly chart shows a rounded bottom pattern, indicating potential bullish reversal and hinting at continued upward movement if ARB can surpass the immediate resistance at $1.30.
A successful breakout could draw more buyers and propel ARB towards its $2.42 target.
However, failing to clear $1.30 may lead to a consolidation phase.
Technical indicators back ARB’s bullish outlook.
The Relative Strength Index (RSI) is at 57.37, suggesting bullish momentum without nearing overbought levels.
The MACD indicator shows a bullish crossover, with the MACD line above the signal line, pointing to growing market confidence.
On-chain metrics reinforce this optimism.
The “in the money” metric has increased by 1.81%, indicating higher profitability for holders, while large transactions rose by 8.68%, signaling greater involvement by institutional players or whales.
However, net network growth declined by 0.71%, showing some hesitation among new participants.
The 0.33% increase in long-term holder concentration reflects steady accumulation, which bodes well for price stability.
Sentiment data further supports cautious optimism, with 51.43% of traders holding long positions, demonstrating belief in ARB’s potential to surpass the $1.30 level.
If ARB breaks this resistance, reaching the $2.42 target could be achievable in the near term.
At the time of writing, the Arbitrum (ARB) price was $0.6988.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
MARA's stock jumps after raising $1 billion via convertible notes to buy more bitcoin
MARA Holdings announced the successful closing of its $1 billion offering of 0% convertible senior notes due 2030.The bitcoin miner plans to allocate around $199 million of the proceeds to repurchase $212 million in principal of its existing convertible notes due 2026. The remaining funds will be used to acquire more bitcoin.
Gold loses luster as institutional demand fuels bitcoin price surge, analysts say
Bitcoin’s 46% surge over the past month, contrasted with gold’s 3% decline, highlights a shifting investor preference toward alternative store-of-value assets, analysts say.Derivatives traders are buying up bitcoin call options ahead of Trump’s inauguration, signaling strong bullish sentiment for the beginning of 2024.
SEC is 'engaging' Solana ETF applicants: report
SEC “engaging” on Solana ETF applications, sparking optimism for potential approval in 2025.VanEck, 21Shares, and Bitwise lead Solana ETF filings amid pro-crypto White House hopes.SOL token rises 4.6% to $247.91, bolstered by Solana’s strong DeFi ecosystem and demand.
Shiba Inu Developer Says SHIB Is No Longer a Memcoin