Cryptocurrency Arbitrum (ARB) is facing an important moment as investors await for a potential breakout from the current descending triangle pattern in the 4-hour chart. Arbitrum’s on-chain data looks strong and could indicate a positive price rally if confidence is regained in altcoins. The current support line of the descending triangle stands at $1.30.

For the ARB price to make a break out to the upside, several resistance levels must be conquered including the 50-EMA and 200-EMA, as well as the 50% Fibonacci retracement. If the bulls are successful in breaking through these, then a rise to $1.48 (38.2% Fibonacci) is possible. A subsequent rise could take the price of Arbitrum to $1.6122 (61.8% Fibonacci).

Currently, the RSI is trending downwards in the 4-hour chart and hovering around 42. If the ARB price continues to drop further, this could trigger a sell signal. However, if Arbitrum can manage to break out of the descending triangle, investors could see a major price rally and a possible test at the previous all-time high of $1.82.



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