Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion ARB formed an ascending channel pattern on a 3-hour chart. Hourly active addresses surged alongside 7-day MVRV. Arbitrum [ARB] has enjoyed massive traction after several exchanges like Binance listed it. At press time, it […]
Its native token’s price action oscillated within an ascending channel as bulls strived to sustain the recovery. But is the recovery sustainable?At press time, the price action on the 3-hour chart was firmly below the channel’s lower range, oscillating between the lower boundary and the channel’s mid-level. As such, ARB could rebound after hitting the channel’s boundary at $1.367 and aim for the mid-level of $1.439.
A close above the mid-level could push ARB to the channel’s upper boundary, but bulls must clear the $1.49 hurdle. Such an upswing could push ARB to the $1.5 zone in the short term. A breach below the channel would invalidate the above bullish thesis. A pullback retest to the breached lower boundary of $1.367 and a confirmed downtrend could attract more sell pressure. Such a move could sink ARB towards key supports at $1.32, $1.30, and $1.2.
The RSI value at press time was 65 – a bullish signal. However, it has exhibited a downtick near the overbought zone, highlighting a potential price reversal. Similarly, the OBV rose but pivoted at press time, indicating demand eased. The Chaikin Money Flow also moved southwards – an indication of growing sellers’ influence in the market at press time.According to Santiment, hourly active addresses increased at press time, which could boost trading volume and likely rebound from the channel’s lower boundary. Besides, considerable whale activity above $1M was recorded in the past few hours, further boosting the recovery.
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