Arbitrum Price Analysis 16/06: ARB Surge 3%, ARB Price Prepares for $1.00 Again? - Investor Bites

Arbitrum Price Analysis 16/06: ARB Surge 3%, ARB Price Prepares for $1.00 Again? – Investor Bites

Time Stamp: June 16, 2023 9:15 AM

SNEAK PEEK

  • Arbitrum price analysis shows a bullish market sentiment.
  • ARB is trading at $0.9530 up by 3.87 percent.
  • Resistance and support levels stand at $0.9599 and $0.9142 respectively.

The most recent price analysis shows that Arbitrum is still on the rise, despite experiencing a slight correction this week. As of now, its price has reached $0.9530 displaying a 3.87% increase in the past 24 hours. The bulls have been pushing the price upwards and the coin is now on track to reach $1.00 or higher soon if the trend continues.

Support and resistance levels for ARB have been established at $0.9142 and $0.9599 respectively. Resistance at the $0.9599 level has been tested several times today, however, the bulls have managed to take it out each time and continue their journey upwards only to face a pullback at the resistance level again.

Looking ahead, if ARB can break above the resistance at $0.9599 and stay above this level, then it could be heading toward $1.00 or even higher in the near future. However, if the bulls fail to take out the resistance level and it continues to remain unbroken, then ARB’s price could see a correction or decrease in the near term.

The market capitalization of Arbitrum stands at $1,214,960,370 showing an increase of 3.83% in the past 24 hours, indicating a bullish trend in the market and increasing demand for ARB tokens. The 24-hour trading volume of Arbitrum stands at $150,663,505 with a circulating supply of 1.275 billion coins.

Cryptocurrencies price heatmap, Source: Coin360
Cryptocurrencies price heatmap, Source: Coin360

Overall the crypto market is showing a bullish trend and Arbitrum is no exception. Top coins are on the rise and investors are optimistic about the future of the market. BTC and ETH prices are rising and the altcoin market is also performing well. If ARB can break its resistance level then it could be heading to $1.00 soon and beyond, once again.

On the hourly chart, ARB has been trading on an uptrend since the start of today’s session. The bulls are on the rise and traders are expecting a further price increase in the near term. ARB is forming a bullish pennant pattern which indicates a further increase in price.

Technical indicators on the 4-hour chart show that the buyers are in control as the RSI is heading upwards and the MACD is performing well. The Relative Strength Index is currently at 41.93 which indicates that ARB is heading to the neutral zone from the oversold region. If the buying pressure continues, then ARB could see a further increase in its value.

The Bollinger bands are widening which indicates higher volatility in the market and an increase in the price of ARB. The price is rising higher from the lower band and the bulls are in control. The upper band is acting as resistance and the bears are trying to push the price down. Furthermore, the ChandeMO indicator is trending upward above the zero line which suggests a further increase in the price of ARB.

In conclusion, the Arbitrum (ARB) price is on an upward trend and the bulls are in control. The coin is now heading towards $1.00 which was a support level before the recent pullback. If ARB manages to break above this key level then it could be preparing for another surge and further increase in its value. Technical indicators on the 4-hour chart are also signaling bullish momentum and the market sentiment is also growing more optimistic.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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