After trading under a bearish sentiment for the past few days, the cryptocurrency market has recorded a strong bullish reversal by adding 9.09% in valuation within the past 24 hours. Further, the market leader Bitcoin price has jumped approximately 10%, indicating a positive outlook.
Moreover, Arbitrum crypto has displayed a similar price action by adding significant value to its portfolio. With the rising price action, is this the right time to invest in these altcoins to book massive profits during the upcoming AltSeason rally?
With a bullish recovery in the cryptocurrency market during the early Asian trading hours, the Arbitrum price has recorded a jump of 12.79% within the past 24 hours with a trading volume of $394.106 Million, a change of -42.08%.
Furthermore, this altcoin has formed a descending channel pattern in the 1D time frame and continues to trade within it. Moreover, the ARB token is on the verge of testing its support trendline and is on the verge of testing it, the outcome of which is unpredictable.
With a trading price of $0.5022, a circulating supply of 3,339,278,542 ARB, and a total supply of 10 Billion ARB tokens, it has secured the 44th position with a market capitalization of $1.667 Billion.
The Simple Moving Average (SMA) constantly acts as a resistance to the Arbitrum price chart in the 1D time frame, indicating a strong bearish influence in the crypto space.
Further, the RSI hovers close to its oversold range with its average trendline constantly recording a bearish sentiment. This highlights a negative outlook for the altcoin in the coming time.
If the market regains momentum, the Arbitrum price will test its resistance level of $0.7228. Maintaining the price at that level will set the stage for the ARB coin price to attempt to test its upper resistance level of $1 during the upcoming weeks.
Conversely, if the bears continue to dominate the crypto space, the Arbitrum token will plunge toward its crucial support level of $0.3575 this month.
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