Arbitrum could be placed for a large meeting if it confirms an outbreak of a long -forming bullish reversing pattern.
According to data from crypto.news, Arbitrum (ARB) rose almost 46% to an intraday height of $ 0.38 before he went back to $ 0.35 at the time of the press. Market capitalization climbed over $ 1.7 billion and brought tokens such as Sky (Sky), Render (Render) and SEI (SEI) into the ranking.
The rally took place in a trade environment with a large volume. Coingecko -Data shows that the daily spot -trading volume of ARB has risen by more than 450% in the last 24 hours, with $ 658 million in tokens that change hands. The activity of derivatives also increased, an increase of 42% compared to the previous day, while a long/short ratio above 1 in large fairs suggests that bullish positioning among lever traders.
Much of the recent momentum is driven by the growing speculation that Robinhood can tap the arbitrum to develop a blockchain infrastructure with which EU-based users can trade in US shares.
Previous reports suggested that Robinhood evaluated both arbitrum and solana as candidates, although the final decisions were still being processed.
Investor Buzz was picked up after Robinhood announced Those are Crypto GM, Johann Kerbrat, and AJ Warner, CSO of Offchain Labs, the non-profit that supports Arbitrum Ecosysteembeheer, will become a member of Ethereum-MEDE founder Vitalik Buterin for a firewalk on Monday. The event, organized by Robinhood Europe in Cannes, is hyped as the stage for the largest crypto announcements of the company of the year.
The development comes shortly after arbitrum was chosen Through crypto Exchange Gemini as the settlement layer for his tokenized shares of Strategy’s MSST shares, with plans to extend to extra assets and networks over time.
In addition to fundamentals and headlines, indicators in chains support the bullish case further. Data from Santiment show a sharp increase in daily active addresses on the arbitrum network in addition to a shift in social sentiment from negative to positive, both usually seen as precursors to persistent price rallies.
Arbitrum Price Analysis
On the 1-day/USDT price diagram, ARB is approaching the upper limit of a large falling wig pattern that has been developing since January last year. A confirmed outbreak above this resistance trend line would probably indicate the end of its long -term development and the start of a new bullish phase.
Token is currently acting above its 50-day exponential advancing average, which points to strengthening medium-term bullish momentum in the medium term. In addition, momentum indicators support this vision, in particular, the MACD has been reversed in a positive area, which suggests a shift in trend direction.
The Aroon Up indicator is 92.86%, while the Aroon Down is 42.86%, which indicates a strong upward trend with decreasing bearish, usually seen in early stages of trend covers.
If the outbreak of the WIG is confirmed, the following likely upward target for ARB is at $ 0.75, which corresponds to the 23.6% Fibonacci retracement level drawn from the macro high to recent lows.
A clean outbreak of that level could set it for a rally up to $ 1, which would represent a profit of 185% compared to the current levels.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
