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- ARB drops 3.01% in 24 hours but gains 18.62% over the past week, showing potential for recovery.
- A double-bottom breakout is confirmed, with a bullish trend targeting $0.7747 if momentum continues.
- Despite a 51.56% volume drop, RSI and MACD indicate bullish signals, suggesting ARB’s potential for upward movement.
Arbitrum (ARB) is currently trading at $0.5073, down by 3.01% compared with the previous 24 hours. The trading volumes have also experienced a bearish trend, with a 49.81 percent decrease to their current level of $751.83 million. This market trend is weak in the short term.
ARB has experienced a positive growth rate of 18.62% over the past seven days. Conversely, the coin has demonstrated the capacity to recover from its most recent decline, suggesting that the market may be poised for improvement.
Source: CoinMarketCap
Bullish Momentum Builds as ARB Breaks Above Neckline
Crypto analyst Bitcoinsensus has highlighted that ARB has confirmed a double bottom breakout formation. The price has surpassed the neckline on the 1D chart, suggesting a significant increase. The neckline has been retested and is providing support, which means that the bullish move might not be over.
The next target of ARB is at 0.7747 should the current trend continue. As the bullish trend continues to escalate, analysts anticipate that the breakout will lead to an increase in prices.
Source: X
Also Read: Stellar (XLM) Near Breakout as Chart Mirrors XRP’s Surge Trigger Pattern
Open Interest Drops, Breakout Potential Still in Play
According to CoinGlass data, the volume dropped by 51.56 percent, to $1.27 billion, and open interest declined by 1.52 percent, to $405.40 million. In spite of these losses, the OI-weighted funding rate is 0.0076%, and it indicates a potential breakout.
Source: CoinGlass
RSI Nears Overbought, MACD Signals Potential Uptrend
The ARB has a Relative Strength Index (RSI) of 59.58. This will imply that ARB is on the brink of an overbought condition. A consolidation or pullback may occur in the near future. But still, the RSI is not in overbought territory, as it is less than 70 currently. The above reading above 50 indicates that the market is still bullish.
The Moving Average Convergence Divergence (MACD) of ARB is positive. The MACD line is 0.0269 and the signal line 0.0159. The MACD histogram depicts green bars that signify growing bullish pressure. This is an indication that ARB has the potential to move upwards. As long as the MACD remains positive, there is still room for coin gains.
Source: TradingView
ARB is experiencing a temporary decline but has strong potential to recover. RSI and MACD are giving bullish signs, and market data implies that ARB may still advance. Once a breakout is confirmed, ARB has the potential to expand if the profitable trend continues.
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