The Arbitrum (ARB) Price Surges Towards All-Time High
The price of Arbitrum (ARB) has experienced rapid growth since December 26 and is now approaching its all-time high. The cryptocurrency broke out from a horizontal resistance area and only faces one more resistance level before reaching its all-time high.
Arbitrum Breaks Out From Resistance
After reaching a low of $0.74 on September 11, the ARB price started to increase. It created a higher low on October 19 and saw an accelerated rate of growth. On October 23, the price broke out from a descending resistance trend line that had been in place for 192 days.
Although it initially struggled with a pivotal horizontal resistance area, ARB finally broke out in December and validated it as support on December 26. Currently, ARB is approaching its all-time high resistance of $1.82.
Cryptocurrency Analysts Optimistic About ARB
Several cryptocurrency analysts and traders have a positive outlook for the future trend of ARB. They believe that there is a rotation towards the Ethereum (ETH) ecosystem happening. This sentiment is echoed by Route 2 FI, who tweeted about Ethereum betas being the future of France, including ARB among them.
Other analysts, such as Shardi B and CryptoKnight, are bullish on ARB due to its price action. They suggest that once the price breaks its all-time high and with no overhead resistance, the rally can become parabolic.
ARB Price Prediction: Will Parabolic Rally Continue?
A closer look at the daily time frame reveals that the price action and Elliott Wave readings for ARB are bullish. The wave count indicates that the cryptocurrency is in the third wave of a five-wave upward movement, with the possibility of an extended third wave creating a parabolic movement.
If the length of the first sub-wave is any indication, wave three may extend to 2.61 times the length of wave one, resulting in a high of $2.25 for ARB. The daily Relative Strength Index (RSI) also supports this prediction as it broke out from its bearish divergence trend line and is increasing.
Hot Take: ARB’s Potential Breakdown
Despite the optimistic ARB price prediction, a breakdown from the parabolic movement would invalidate the wave count. In such a scenario, ARB could experience a 30% decline and find support at $1.10.
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