Arbitrum (ARB) price broke from a short term resistance and is on its way to break away from a long term resistance.
Arbitrum price has been falling inside a descending parallel channel since March 23rd. These channels usually contain corrective structures, which means that an eventual breakout is expected.
After rebounding at the $1.15 support area and creating a higher low (green icon), ARB price started an upward movement on April 9. On his way out of the canal. At the same time, the RSI broke out from the descending resistance line above the 50 level.
If the breach is successful, the price of the ARB token could rise to the next resistance at $1.50. The area is very close to an all-time high.
However, if the price breaks below the channel resistance line, a drop to $0.80 could follow.
Arbitrum (ARB) price may lead to a new all-time high
Technical analysis from the short-term 2-hour chart shows that ARB price broke out from the descending resistance line on April 9th. This supports a breakout from the long-term channel and indicates that new highs should be expected.
Currently, ARB price is nearing the confluence of the resistance at $1.27. It creates a 0.5 Fibonacci retracement resistance level and a horizontal resistance zone.
If the ARB moves above it successfully, it will confirm that the trend is up. This is likely to lead to highs near $1.50. However, if another refusal follows, the hack is illegal. In this case, a drop to the $1.15 support could be common.
In conclusion, the most likely ARB price forecast is for a continuation of the increase towards at least $1.50. Rejection from $1.27 will invalidate this bullish prediction. In this case, the ARB could drop to $1.10.
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In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.