Arbitrum (ARB) Breaks Above Resistance, Price Targets Monthly High
Tuesday, 21 May 2024, 10:11
Arbitrum Sees Spike in Bullish Activity
The latest rally in the general cryptocurrency market has pushed Arbitrum’s price above its resistance level and key moving averages. Trading at $1.15 with a 17% price growth in 24 hours amidst an 8% spike in global market capitalization. Increased activity has driven ARB’s trading volume to $1.04 billion, its highest since March 21.
Positive Market Reactions
- ARB's price rise aligns with collective volume surge, indicating market interest.
- In 24 hours, futures open interest has jumped by 19% to $243 million, signifying a market influx.
Arbitrum's potential to hit $1.17 depends on the ongoing accumulation momentum. However, if buying pressure eases, a dip to $1.09 is possible.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.