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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Arbitrum (ARB): Is A Major Price Rally Coming Now?

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Bitcoin

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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.

Arbitrum price
ARB faces a crucial moment, 4-hour chart l Source: ARBUSD on Tradingview.com

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

Arbitrum (ARB) Price Displays Strength, Backed By On-Chain Activity

1 year ago

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

Arbitrum (ARB)

Bullish Momentum Expected For ARB As Arbitrum Completes DAO Airdrop

1 year ago

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
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. 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’s 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’s 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’s 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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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