Arbitrum (ARB) at a critical point: OK or continue?
Layer-2 project Arbitrum (ARB) is testing the critical resistance point at $ 0.61 with upward momentum.
The leading cryptocurrency Bitcoin's touch to $ 69,000 has paved the way for many altcoins. Although Ethereum remained weak in terms of individual performance, it started to rise with Bitcoin gaining strength. $ETH , which touched $ 2,700, has activated layer-2 projects.
Ethereum scaling project Arbitrum has gained momentum with the positive outlook in the market. Although the popular altcoin has lost nearly 2 percent in the last 24 hours, it has approached an important resistance level.
Analysis platform AMBCrypto stated that ARB is blinking at $ 0.68.
AMBCrypto used the following statements in its analysis;
âTechnical indicators support a breakout, but on-chain data indicates that caution should be exercised despite positive funding rates.â
ARB trading near $0.60 has given analysts hope. AMBCrypto emphasized that breaking the $0.61 resistance is not easy, but daily closings will be important.
According to the analysis, if the ARB price closes above $0.61, it will move to $0.68. On the other hand, if the popular altcoin loses the $0.55 support, it is expected to sign a major decline. $ARB is trading at $0.57.
Maintaining its positive view, AMBCrypto noted the following;
âThe rising trend line indicates continued buying pressure and increases the possibility of upward momentum. However, failure to break $0.61 could potentially lead to a temporary pullback to $0.55.â
While technical indicators mostly reveal a bullish outlook, the RSI indicator points to overbought conditions. The analysis suggested that these indicators support upward momentum.
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