The cryptocurrency Arbitrum (ARB) has been gaining attention with its recent price movements. After reaching a six-month high of $0.9521, the token has shown resilience despite broader market pullbacks. Over the past month, ARB has rallied by an impressive 71% with trading volumes soaring 77% in the last 24 hours.

The current price action forms a rounding bottom pattern, indicating a shift in market sentiment from bearish to bullish. Investors are now looking at resistance levels at $0.9747 and $1.9006, with key support levels at $0.6558 and $0.4723.

Technically, ARB has surpassed the 200-day EMA and broken through the 23.60% Fibonacci retracement level at $0.86, showing strong bullish momentum. The MACD indicators also support the uptrend.

The current rally aims to challenge the psychological resistance at $1, with an optimistic target at the 78.60% Fibonacci level of $1.8679. If the pattern holds, speculations suggest ARB could see a 2x rally in December.

Investors are advised to closely monitor market dynamics and resistance levels as ARB's rounding bottom pattern continues to unfold.



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