Arbitrum Price Jumps 15% Overnight as Bulls Target $0.60?

Arbitrum is riding the bulls, running over 15% higher in the past 24 hours and nearly 40% in the last week. The token now trades at $0.5464, lifting its market cap to $2.81 billion as 24-hour trading volume rose 157% to $1.45 billion. The surge comes amid growing ecosystem confidence and strategic developments that have reignited trader interest. 

What’s Driving the Arbitrum Price?

The two major factors below have strengthened Arbitrum’s price action:

1. Ecosystem Recovery Boost: GMX’s $44 million hack compensation plan restored confidence in the Arbitrum ecosystem, reducing concerns over protocol risk.
   
2. Strategic Acquisition: Offchain Labs’ purchase of ZeroDev is expected to enhance Arbitrum’s developer tools, signaling long-term network growth.

ARB Price Analysis

ARB’s price breakout above the $0.53 level aligns with the 23.6% Fibonacci retracement and has fueled short-term bullish sentiment. The token has also crossed key technical levels: the 200-day SMA at $0.388 and the 7-day EMA at $0.467, indicating a decisive shift in momentum.

The RSI sits near 71.64, signaling strong buying pressure but also cautioning against potential overextension. If momentum cools, ARB could consolidate around $0.54, the first major support, followed by $0.4931.

The MACD histogram turning positive at +0.0121 underscores continued upward momentum. Resistance levels now stand at $0.5828, with a further upside target at $0.60. A clear breakout above these levels could confirm sustained bullish sentiment. However, profit-taking may trigger short-term pullbacks.

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