ARB is considering a 50% breakout, according to the Arbitrum Price Forecast🚨🚨🚨
A retest and a breakout over the weekly obstacles of $1.12 and $1.29 are on the horizon for the price of Arbitrum.
It is possible that clearing these levels will set up a rally that will enable bulls in the ARB to retest the $1.68 level.
Over the course of about a month, the price of Arbitrum (ARB) has been consistently settling around the weekly barrier. An indication that a rally is on the horizon for ARB is provided by the recent transition of the momentum indicators into a positive zone.
A few occasions in the beginning of November, the price of Arbitrum tested the $1.12 resistance level, but it was unable to break out of that level and maintain its position above it. Although the most recent effort, which took place on December 4th, was unsuccessful, the ensuing adjustment was only temporary.
In light of this, a successful breakthrough over the $1.12 level may cause the price of Arbitrum to surge by 13% and reach the next significant weekly barrier, which is located at $1.28. On the other hand, a buy signal would be generated if buyers were to transform the second significant weekly barrier into a support level.
It is possible that the price of Arbitrum might begin a 32% increase to $1.68 in such a scenario. This move would represent a fifty percent increase from the $1.12 barrier, and it is expected that the alternative cryptocurrency would come to a point of consolidation before making its subsequent move.
Despite the fact that the prognosis for the price of Arbitrum appears to be optimistic, investors should keep an eye out for a daily candlestick close that is lower than the $0.94 level. Because of this move, a lower bottom will be created, which will render the bullish thesis useless. Under these circumstances, ARB may move downward in order to correct the imbalance between $0.85 and $0.90. It is possible that the price of Arbitrum may continue to fall until it reaches the $0.76 support level if bulls fail to intervene at this point.
