ARB Technical Analysis
Arbitrum (ARB) has seen significant developments recently. One of the most remarkable was PayPal’s announcement that it will expand its stablecoin, PYUSD, to the Arbitrum network. This development is notable as it expands Arbitrum’s usage areas and demonstrates institutional confidence in this ecosystem. The total locked value (TVL) on the Arbitrum network has surpassed $2.5 billion with increasing institutional participation. Meanwhile, approximately 92.6 million ARB tokens were unlocked today, which accounts for a new supply of approximately $37 million. The increase in institutional interest and the impact of this unlocking on the price are both being closely monitored by investors.Now, let’s see what the technical chart tells us.
The double-bottom formation indicates a reversal from the lower areas as analyzed previously. The price of the coin shifted direction after bouncing twice from the order block (0.26–0.25 area) – see the blue range. The breakout of the resistance level of $0.34 suggests that the fall may be over technically. Also, holding above MA200 supports the upward movement of the price.
The price has broken above the short-term descending trend and surged to the key resistance area of $0.4233–$0.4532. If the price can break above this resistance area and see daily closings, the levels $0.54, $0.70, and psychological level $1 could be the next targets ahead.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
