Connect with us
Active Currencies 14430
Market Cap $2,648,541,958,627.90
Bitcoin Share 50.16%
24h Market Cap Change $-2.93

ARB up 6% in 24 hours, seeks more gains

2min Read

Abitrum has hit a key supply area but could surmount it if BTC remains bullish in the short term.

Arbitrum up 6% in 24 hours, seeks more gains

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.

  • The H4 market structure was bullish after ARB climbed $1.15. 
  • The Open Interest (OI) rates increased, but buying volumes eased.

Most altcoins have been in tight price consolidation following Bitcoin’s [BTC] fluctuations below $31k since 24 June. However, Arbitrum [ARB] broke from the range formation spell and inflicted a bullish breakout, hiking about 6% in the past 24 hours as of press time. 


Is your portfolio green? Check out the ARB Profit Calculator


But the price action must clear the supply area near $1.25 for bulls to seek extra gains. In the meantime, BTC was still defending the $30k zone and traded at $30.5k at the time of writing. 

Can bulls clear the $1.3 hurdle?

Source: ARB/USDT on TradingView

A look at the technical indicators on the 4-hour chart suggested a bullish bias as of press time. The CMF (Chaikin Money Flow) has sharply crossed above the zero mark, denoting increased capital inflows.

Similarly, the RSI (Relative Strength Index) hit the overbought zone, indicating buying pressure increased at the time of writing. 

With a bullish BTC firmly above $30k, ARB could attempt to clear the supply area and hurdle near $1.25. A session close above $1.25 could make a $1.30 and $1.36 reclaim feasible. 

Alternatively, a price rejection at the $1.25 supply area could set ARB to retest the immediate short-term support of $1.145. So, a breakout retest on the $1.25 supply or rebound from $1.145 support could signal buying signals. 

A drop below $1.145 will weaken the structure, dropping ARB below a recent higher low and flipping H4 to bearish. 

Buying volumes eased; Open Interest rates increased

Source: Coinalyze

On the 1-hour chart, the CVD (Cumulative Volume Delta) spiked around 20-21 June but declined afterwards. It shows buying volumes eased tremendously after 21 June. 


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


Similarly, the Open Interest (OI) rates, which track demand in the futures market, declined below $150 million between 22 – 26 June but surged afterwards, hitting $180 million as of press time.

That’s a bullish cue, but traders should track worrisome buying volumes and BTC price action before making moves. 

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.