Connect with us
Active Currencies 14740
Market Cap $2,584,573,009,044.63
Bitcoin Share 51.55%
24h Market Cap Change $0.35

Arbitrum fronted a recovery- Can ARB bulls overcome the $1.4200 hurdle

2min Read

ARB secured $1.300 support and inflicted a recovery. But the upswing hangs in the balance unless BTC reclaims $29k and a hurdle is cleared.

Arbitrum fronted a recovery- Can ARB bulls overcome the $1.4200 hurdle

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • Price action edged closer to a key confluence of resistance.
  • More short positions liquidated, and CVD grew, reinforcing buyers’ leverage.

Arbitrum [ARB] fought fiercely to secure the $1.300 support. Since 23 April, sellers threatened to crack the support, but bulls remained steadfast.

After securing the support, ARB attempted recovery at press time but may hit a snag if the overhead resistance zone near $1.4200 is formidable.  


Is your portfolio green? Check ARB Profit Calculator


Meanwhile, Bitcoin [BTC] reclaimed the $28k zone and could nudge near-term bulls to attempt to clear the obstacle and aim at higher resistance targets.

However, should bears overwhelm bulls at the resistance area, buyers may seek re-entry at lower support levels. 

Can bulls bypass the hurdle?

Source: ARB/USDT on TradingView

The RSI (Relative Strength Index) was slightly above the 50-mark – showing an almost neutral position with a slight edge toward bulls.

In addition, the OBV (On Balance Volume) increased slightly, indicating improved buying pressure that may drive the recovery. However, price action faced a key confluence area of resistance near $1.4200.  

The dynamic 50-EMA (orange line) has been a key resistance level in the past six days. The moving average also aligns with 100-MA, an immediate resistance level, and a bearish order block at $1.4200. 

If more sellers enter the market at the above confluence area, the ARB could drop to the previous support zone of $1.300 before attempting another rebound.

But a breach below the support could be checked by the next support level at $1.1437 ( a key swing low in the first half of April). Buyers could seek re-entry at these levels in such a scenario. 

However, a clearance of the confluence area will indicate near-term bulls gained more market influence. Such an upswing could set ARB to rally to $1.49 or $1.57, especially if BTC reclaims the $29k price range. 

More short-positions wrecked

Source: Coinglass


How much is 1,10,100 ARBs worth today?


According to Coinglass, over $200k worth of short-positions were wrecked within the 4-hour timeframe compared to only $63k worth of long-positions.

On the 24-hour timeframe, $2 million worth of short positions were liquidated compared to $291k of long positions. It reinforces a short and long-term bullish momentum which could propel bulls to clear the $1.4200 resistance area. 

In addition, CVD (cumulative volume delta) indicator grew, indicating buyers were dominant by press time. As such, there is a high chance of bulls overcoming the $1.4200 obstacle unless BTC fails to reclaim the $29k zone.  

Source: Coinalyze

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.