Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Arbitrum [ARB] registered gains of 8.4% within the past 24 hours to trade at $1.259, as of press time. With prices approaching the resistance level at $1.299, bulls could look to flip the level from resistance to support.

Bitcoin [BTC] reclaiming the $27k and pushing on for $28k could see Arbitrum bulls extend their short-term bullish gains.

Bulls use $1.106 support level to rally again

A look at ARB on the four-hour timeframe highlighted the significance of the $1.106 support level. This support level was tested thrice between 8 May and 26 May, with the level resisting bearish momentum on each occasion. The most recent retest of the level initiated a bullish rally that broke above the lower low of the bearish swing.

With price bouncing off the $1.106 support level again, indicators highlighted the possibility of more gains for bulls from this support level. The Relative Strength Indicator (RSI) crossed into the overbought zone and stood at 76 to signal intense buying pressure. The Chaikin Money Flow (CMF) also posted positive capital inflow with a reading of +0.10.

A major hurdle for bulls lies at the $1.299 resistance level. A candle close above this resistance level could spur bulls to target $1.422 and $1.577. Conversely, a failure to break the level could see bears push prices back down to finally break the key $1.106 support level.

Is your portfolio green? Check ARB Profit Calculator

Speculators bullish on the asset

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Author: Suzuki Shillsalot

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