After displaying significant price volatility for over a week, the ARB price has regained momentum and successfully broke out of its key resistance level of $1.4594. Further, top altcoins have gained massive price action recently, indicating a switch of trend.
The Arbitrum price traded in a narrow space between $0.904 and $1.0380 for over a week, following which the market gained momentum and the price broke out of the range. However, the rally was short-lived as the coin faced rejection at $1.1133.
The ARB price then traded sideways for a while, after which the price regained momentum and displayed a jump of approximately 16%. Following this, the Arbitrum price displayed constant volatility and traded in a consolidated range between $1.0380 and $1.0236 for over two weeks.
As the market regained momentum, the price jumped over 31% within 24 hours, displaying a strong bullish sentiment in the crypto industry. After trading sideways in a closed range for a while, the ARB price recently recorded gains of over 21% in its value.
The technical indicator, MACD, displays a rising histogram, indicating an increasing buying pressure in the market. Further, the averages show a bullish convergence, suggesting the price will continue gaining value in the coming time.
Will ARB Price Continue Rising?
If the bulls hold the price above the support level of $1.567, the ARB price will regain momentum and prepare to test its resistance level of $1.6743. Further, if the market holds the price at that level, it will prepare to test its upper resistance level of $1.75 in the coming days.
Negatively, if the bears overpowered the bulls, the Arbitrum price would lose momentum and fall to test its support level of $1.4594. Moreover, if the bears continue to dominate the market, it will plunge and test its lower support level of $1.3753.
