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Arbitrum targets $1.30 with eyes on $2.42 breakthrough

Arbitrum targets $1.30 with eyes on $2.42 breakthrough

Grafa2024/11/18 20:00
By: Isaac Francis
ARB+0.84%

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.
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