Arbitrum (ARB) and ORDI started the new year on a bullish note, reaching new all-time high prices.
How long will the increase continue for these two altcoins? Keep reading to find out!
ARB Price Reaches New All-Time High
The ARB price has increased alongside a parabolic ascending support trend line since September 2023. The price bounced at the trend line twice (green icons), accelerating its rate of increase both times. More recently, ARB bounced on December 18. It has increased at a rapid rate since.
Today, ARB reached a new all-time high of $1.84, surpassing the previous all-time high of $1.82. Cryptocurrency trader JJCycles believes this will lead to more acceleration once ARB reaches price discovery. However, this has not happened yet, as ARB has not yet closed above the $1.75 region.
Nevertheless, the 3-day Relative Strength Index (RSI) supports the increase. Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold and whether to accumulate or sell an asset. If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.
If the upward movement continues, ARB can increase by 40% and reach the next resistance at $2.50. The resistance is created by the 1.61 external Fib retracement of the previous drop.
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Author: Valdrin Tahiri
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