Arbitrum ARB retested a key breakdown level as resistance today and failed to advance higher. It remains bullish on the daily chart and is now looking set for another surge in volatility. A key level for a breakup lies ahead.
During last month’s correction, ARB tested the low of $1.56 and marked it as support due to a quick rejection. It recovered well in the past weeks and retested the key $2 level today after cracking it as support.
That key price level was rejected briefly but we can expect the asset to resume buying shortly. If that happens, the January high would be the next key level to watch for a major breakup, which will most likely set the asset for an exponential parabolic move.
Should this key level continue to pose a threat to the bulls, the price is likely to drop back. A dip below the recent bounce level could activate another leg down in the market. But from the look of things, ARB is likely to tap more gains in the coming days.
As of now, the bulls are gaining control on the daily chart. Looking at the price action over the last three months, ARB is still up by over 100%.
ARB’s Key Level To Watch
Source: Tradingview
While the $2 level has temporarily paused buying, an increase above the level could surge the price through the $2.11 resistance level to $2.42 – marked as the current ATH. A break above the resistance level could trigger a surge to $2.7 in a parabolic move.
There’s a close support for a pullback at $1.82. If the price pulls below this week’s low, the closest support to watch is $1.6. A drop below last month’s low could trigger a sell-off to $1.4.
Key Resistance Levels: $2.11, $2.42, $, $2.7
Key Support Levels: $1.82, $1.6, $1.4
Spot Price: $1.96
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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