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Price activity in the Arbitrum market looks prepared to challenge a short-term resistance level at the 1.2000 mark. Indications arising from trading indicators also support the preconceived opinion about this market.
ARB Statistics
ARB Value Now: $1.1600
Abitrum Market Cap: $1B
Arbitrum Circulating Supply: 1,275,000,000
ARB Total Supply: 10,000,000,000
Arbitrum CoinMarketCap Ranking: 35
Major Price Levels:
Top: $1.1431, $1.2000, and $1.2500
Base: $1.1400, $1.3500, and $1.3000
Arbitrum (ARB) Price Action Extends Upside Retracement
Arbitrum buyers seem to have successfully extended their gathering profits towards higher levels in the new trading session. Consequently, this has pushed prices further into the buyers’ region on the Fibonacci Retracement tool.
This token is now worth $1.1431 as of the time of writing and may be worth more shortly. The last price candlestick has formed clearly above the crossed 9- and 21-day Moving Average curves. This implies that prices may gain more upward thrust from this, as buyers will gain more buying confidence.
In addition, the Moving Average Convergence Divergence (MACD) indicator can be seen rising upward toward the equilibrium level. Considering the appearance of the histogram bars on the MACD, it suggests that the upside momentum is strong.
ARB Is Progressively Gaining Upside Traction
Extending the analysis to the ARB/USDT 4-hour market, it could be seen that price action is quickly gaining momentum. As a result, the price of this crypto has increased to 1.1464 from 1.1431.
Another green price candlestick can be seen above the MA line, and it seems to be a bit bigger than the previous red one. This seems to show that price action may develop towards higher price marks in the new session.
Green bars have started showing above the equilibrium level on the MACD indicator. Meanwhile, a bullish crossover has been delivered just above the equilibrium level too. This largely supports bullish anticipations, as prices may rise towards the $1.2100 mark.
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