ARB Price Analysis: Will $1 Breakout Push Arbitrum to $1.86?

Published by

Sohrab Khawas

November 27, 2024

Despite the price of Bitcoin dropping to $92k levels, the ARB price trend continues a rounding reversal. The bullish trend in the Arbitrum is heading to cross the $1 milestone shortly.

Amid the increasing upside potential, a breakout rally targets the $1.86 mark. Find out more in the ARB price analysis below.

Arbitrum (ARB) Price Performance

In the daily chart, the ARB price action shows a rounding bottom reversal gaining momentum. The ongoing recovery rally, starting from $0.4598, has increased by nearly 100% over the past three weeks.

Currently, it is trading at $0.91, with an intraday gain of 4.87%. This creates a bullish engulfing candle and undermines last night’s fall of 3.83%. Currently, the ARB price trend showcases a sideways trend slightly above the 23.60% Fibonacci level.

This crucial support level is priced at $0.8608. As the bullish trend gains momentum, the immediate price target stands at 38.20% Fibonacci level at $1.12.

The crucial resistance coincides with the neckline of the rounding bottom pattern. Furthermore, a resistance zone extending from $1.13 to $1.17 stands slightly above the Fibonacci level. Hence, the ongoing rally is approaching a massive overhead supply.

Technical Indicators:

EMA: The recovery rally has surpassed the 200-day EMA, resulting in a bullish crossover in the 50- and 100-day EMA lines.

MACD: The MACD and signal lines maintain an impressive positive trend with a gradual surge in bullish histograms.

Will Arbitrum Price Hit $250?

If the ARB price crosses the $1 psychological mark, it will fuel the underlying bullish sentiments, resulting in a surge of trend momentum. Furthermore, the broader market recovery will increase the chances of a breakout rally in the ARB price trend.

Based on the Fibonacci levels, the bullish breakout of the rounding bottom pattern could reach $1.86 or the 78.60% Fibonacci level. Conversely, a drop below $0.86 will retest the 200-day EMA at $0.75, followed by the next support at the 50-day EMA at $0.65.

Curious about Arbitrum’s future? Read our Arbitrum (ARB) Price Prediction for an overview of long-term targets!

FAQs

What is driving ARB’s recent price recovery?

The recent ARB price recovery is driven by a rounding bottom reversal pattern, bullish EMA crossovers, and a breakthrough above critical Fibonacci levels.

What are the key resistance levels for ARB?

The main resistance levels for ARB are the 38.20% Fibonacci level at $1.12 and the resistance zone ranging from $1.13 to $1.17, which aligns with the rounding bottom neckline.

What could invalidate ARB’s bullish trend?

A decline below the vital support at $0.86 or the 200-day EMA at $0.75 could undermine the bullish trend and lead to a bearish reversal.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

Published by

Sohrab Khawas

Tags: Price Analysis