Arbitrum (ARB) Price Reaches New All-Time High
The ARB price has been on an upward trend since September 2023, following a parabolic ascending support trend line. It has experienced two bounces at the trend line, accelerating its rate of increase. On December 18, ARB experienced another bounce and has been rapidly increasing since then.
Today, ARB reached a new all-time high of $1.84, surpassing the previous high of $1.82. This increase is expected to lead to more acceleration once ARB reaches price discovery. However, it hasn’t closed above the $1.75 region yet.
The 3-day Relative Strength Index (RSI) supports the increase, indicating that bulls still have an advantage as long as the RSI reading is above 50 and the trend is upward.
If the upward movement continues, ARB could reach the next resistance at $2.50, which is created by the 1.61 external Fib retracement of the previous drop.
Can ORDI Move to $100?
ORDI has experienced significant gains in November and December, with a massive increase of 1,400% since November 7. It reached a new all-time high of $92 today.
The price movement has been contained within an ascending parallel channel, but ORDI is now moving above the channel’s resistance trend line and the $87 Fib retracement resistance.
The 12-hour RSI supports the breakout, breaking out from its bearish divergence trend line.
If the upward movement continues, ORDI could reach the next resistance at $116, indicating a potential increase of another 30%.
Hot Take: ARB and ORDI on a Bullish Run
Arbitrum (ARB) and ORDI have both experienced significant increases, reaching new all-time highs. ARB reached $1.84, surpassing its previous high of $1.82, while ORDI reached $92.
Despite the bullish predictions for both altcoins, it is crucial to monitor key levels and indicators to determine the sustainability of these increases. For ARB, a close below the $1.75 resistance could invalidate the breakout, potentially leading to a fall to the next support at $1.20. Similarly, for ORDI, failure to break out from the channel could indicate a local top and result in a decline to the closest support area of $56.
Stay informed and keep an eye on these altcoins as their price movements unfold.
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