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.
Ashley Carter
- 2023-05-05
Crypto Price Analysis - Arbitrum (ARB)
Crypto analyst are awaiting a potential break out of the descending triangle pattern in the 4-hour chart of Arbitrum (ARB). Currently, the ARB price is holding at $1.30, but it could rise to its previous all time high of $1.82 if investors regain confidence.
![CandleFocus Arbitrum-Arb-Cryptocurrency-CryptoPriceAnalysis](https://images.candlefocus.com/Crypto-Price-Analysis-Arbitrum-(ARB).jpg)