{"id":530036,"date":"2023-05-05T11:20:09","date_gmt":"2023-05-05T11:20:09","guid":{"rendered":"https:\/\/wncen.com\/?p=530036"},"modified":"2024-06-11T14:36:02","modified_gmt":"2024-06-11T14:36:02","slug":"arbitrum-arb-is-a-major-price-rally-coming-now","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/arbitrum-arb-is-a-major-price-rally-coming-now\/","title":{"rendered":"Arbitrum (ARB): Is A Major Price Rally Coming Now?"},"content":{"rendered":"

Ethereum’s layer-2 blockchain Arbitrum is facing a pivotal moment: will it break out of the descending triangle (in the 4-hour chart) or will it see an even deeper correction in the coming days. As NewsBTC reported<\/a>, Arbitrum’s on-chain data remains extremely strong and could signal an end to the downtrend.<\/p>\n

However, an important question will also be whether investors regain confidence in altcoins (except PEPE<\/a>). Bitcoin dominance has been on the rise again against altcoins since May 1, approaching the local high of 49%. Once confidence returns, ARB could benefit greatly. But if not, another plunge could be next.<\/p>\n

Arbitrum Price Analysis<\/h2>\n

Arbitrum’s price corrected sharply in the last two trading weeks after reaching an all-time high of $1.81 on April 23. It was only in the area of the old breakout zone at $1.30 that the ARB price found a floor after a 30% price decline.<\/p>\n

Now, this price level is also the frontier in the 4 hours, which bulls should defend at all costs. It is the support line in a descending triangle pattern that has been forming over the past two weeks. The descending triangle is a bearish pattern that anticipates a breakdown to the downside.<\/p>\n

\"Arbitrum
ARB faces a crucial moment, 4-hour chart l Source: ARBUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n

In order to invalidate the chart pattern, the ARB price must break the resistance line to the upside in the next few days. The support line was defended by the buy side several times recently. However, now is the time to make the breakout to the upside.<\/p>\n

Related Reading: Arbitrum (ARB) Price Displays Strength, Backed By On-Chain Activity<\/a><\/div>\n

However, the ARB price must overcome not only the ascending trendline, but also the 50-EMA (orange) and the 200-EMA (blue) in the 4-hour chart. Otherwise, a plunge towards the support at $1.20 can be expected.<\/p>\n

The RSI is trending downwards in the 4-hour chart and was at 42 at press time. A further price drop could generate a sell signal. In the daily chart, the RSI is showing a weakness and is hovering around the lower edge of the neutral zone.<\/p>\n

Bullish Scenario For ARB<\/h2>\n

In a bullish scenario, Arbitrum manages to break out of the descending triangle pattern to the upside, initiating a rally to the 23.6% Fibonacci retracement level at $1.4071. Major selling pressure is expected at this point.<\/p>\n

If the buy side succeeds in breaking above this resistance, the focus shifts to the heavy resistance zone at $1.48 (38.2% Fibonacci). The ARB price already failed here in two attempts at the end of April.<\/p>\n

Related Reading: Bullish Momentum Expected For ARB As Arbitrum Completes DAO Airdrop<\/a><\/div>\n

However, if the buy side can also crush this resistance, a subsequent rise to $1.6122 (61.8% Fibonacci) is possible. If Arbitrum also breaks through this price hurdle in the coming weeks, a retest of the previous month’s high at $1.82 seems more than likely.<\/p>\n

Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum’s layer-2 blockchain Arbitrum is facing a pivotal moment: will it break out of the descending triangle (in the 4-hour chart) or will it see an even deeper correction in the coming days. As NewsBTC reported, Arbitrum’s on-chain data remains extremely strong and could signal an end to the downtrend. However, an important question will also be whether investors regain confidence in altcoins (except PEPE). Bitcoin dominance has been on the rise again against altcoins since May 1, approaching the local high of 49%. Once confidence returns, ARB could benefit greatly. But if not, another plunge could be next. Arbitrum Price Analysis Arbitrum’s price corrected sharply in the last two trading weeks after reaching an all-time high of $1.81 on April 23. It was only in the area of the old breakout zone at $1.30 that the ARB price found a floor after a 30% price decline. Now, this price level is also the frontier in the 4 hours, which bulls should defend at all costs. It is the support line in a descending triangle pattern that has been forming over the past two weeks. The descending triangle is a bearish pattern that anticipates a breakdown to the downside. In order to invalidate the chart pattern, the ARB price must break the resistance line to the upside in the next few days. The support line was defended by the buy side several times recently. However, now is the time to make the breakout to the upside. Related Reading: Arbitrum (ARB) Price Displays Strength, Backed By On-Chain Activity However, the ARB price must overcome not only the ascending trendline, but also the 50-EMA (orange) and the 200-EMA (blue) in the 4-hour chart. Otherwise, a plunge towards the support at $1.20 can be expected. The RSI is trending downwards in the 4-hour chart and was at 42 at press time. A further price drop could generate a sell signal. In the daily chart, the RSI is showing a weakness and is hovering around the lower edge of the neutral zone. Bullish Scenario For ARB In a bullish scenario, Arbitrum manages to break out of the descending triangle pattern to the upside, initiating a rally to the 23.6% Fibonacci retracement level at $1.4071. Major selling pressure is expected at this point. If the buy side succeeds in breaking above this resistance, the focus shifts to the heavy resistance zone at $1.48 (38.2% Fibonacci). The ARB price already failed here in two attempts at the end of April. Related Reading: Bullish Momentum Expected For ARB As Arbitrum Completes DAO Airdrop However, if the buy side can also crush this resistance, a subsequent rise to $1.6122 (61.8% Fibonacci) is possible. If Arbitrum also breaks through this price hurdle in the coming weeks, a retest of the previous month’s high at $1.82 seems more than likely. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":530061,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[88023,84309],"class_list":["post-530036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-arb","tag-arbitrum"],"acf":[],"yoast_head":"\nArbitrum (ARB): Is A Major Price Rally Coming Now?<\/title>\n<meta name=\"description\" content=\"Arbitrum (ARB) is facing a pivotal moment: will it break out of a descending triangle or will it see a deeper correction in the coming days?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/arbitrum-arb-is-a-major-price-rally-coming-now\/\" 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His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Arbitrum (ARB): Is A Major Price Rally Coming Now?","url":"http:\/\/wncen.com\/news\/arbitrum-arb-is-a-major-price-rally-coming-now\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/arbitrum-arb-is-a-major-price-rally-coming-now\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1305769484.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1305769484.jpg?fit=2250%2C1332"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["arb","arbitrum"],"dateCreated":"2023-05-05T11:20:09Z","datePublished":"2023-05-05T11:20:09Z","dateModified":"2024-06-11T14:36:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Arbitrum (ARB): Is A Major Price Rally Coming Now?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/arbitrum-arb-is-a-major-price-rally-coming-now\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/arbitrum-arb-is-a-major-price-rally-coming-now\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1305769484.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1305769484.jpg?fit=2250%2C1332\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"arb\",\"arbitrum\"],\"dateCreated\":\"2023-05-05T11:20:09Z\",\"datePublished\":\"2023-05-05T11:20:09Z\",\"dateModified\":\"2024-06-11T14:36:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1305769484.jpg?fit=2250%2C1332","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/530036"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=530036"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/530036\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/530061"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=530036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=530036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=530036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}