A partnership with the U.S.-based zero-commission trading platform Robinhood and Ethereum’s push above $4,000 favors a bullish Arbitrum price prediction despite the latest pullback that the token has experienced.
In the past 7 days, ARB has delivered gains of more than 15% as the native asset of this Ethereum layer-2 protocol has capitalized on what many deem as the beginning of altcoin season.
Ethereum (ETH) hit a local peak at around $4,850 while ARB rose to $0.58 for the first time in six months. Meanwhile, trading volumes in the past few days have been quite high and reached as much as $1.3 billion on August 13.
This figure accounted for nearly 50% of ARB’s circulating market cap and emphasizes the significant buying pressure that the token experienced as it reached these high levels.
Crypto Trader CryptoGem, who accurately anticipated ARB’s move to $0.60 recently, sees the token rising to $1 shortly following a bullish breakout and retest of a trend line resistance.
The first target for this trader, whose account is followed by more than 10,000 users, is the $0.66 level. He did not provide a timeline for this bullish Arbitrum price prediction but the odds favor a move to this area after this brief pullback.
Arbitrum Price Prediction: Potential 100% Gain if ARB Bounces Off These Key Supports
Looking at the 4-hour chart, ARB broke above a key resistance at $0.50 recently as ETH pushed through its long-dated ceiling of $4,100 as well.
Trading volumes have been rising above the average since August 12 as the token reached these levels. The price retreated after making a lower high at $0.55 and has now successfully retested the $0.50 resistance from above.
This is a normal retest that occurs after a breakout. Even if the $0.50 level falters, there’s a trend line support right below that area that coincides with the 200-period EMA in this lower time frame. If the price bounces strongly off any of these levels, the odds of another leg up would be quite high.
The Relative Strength Index (RSI) shows signs that bullish momentum has weakened. Hence, we could expect a move toward $0.45 in the near term that would provide a much more attractive entry price for late buyers.
Based on a bullish Arbitrum price prediction of $0.90, ARB could deliver gains of more than 100%.
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Click Here to Participate in the PresaleThe post Arbitrum Price Prediction: Can $ARB Rebound Above $0.60 This Week? appeared first on Cryptonews.
