Arbitrum (ARB) Hints at Bullish Trend Following Falling Wedge Breakout

Arbitrum [ARB] was experiencing upward momentum following a breakout from a falling wedge pattern. This bullish formation suggests that ARB could be heading toward higher price levels.

output: Arbitrum (CRYPTO: ARB) was trading higher on Friday after breaking out of a falling wedge technical pattern. The bullish formation signaled that ARB could be headed to higher price levels.

At press time, Arbitrum was trading at $0.5174, up 1.55% in the past 24 hours and 3.10% over the past week. The breakout occurred around the $0.51 level, with the next major resistance to watch at $0.6350, indicating a potential 25.25% gain.

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Technical traders will be watching the RSI, which was around 59.83 at the time of this writing, showing a bullish divergence in the price action. This rising RSI reflects increased buying interest, which could lead to further price gains.

If the RSI continues to climb, traders may see stronger buying momentum. In addition to the RSI, the Bollinger Bands were narrowing, indicating reduced volatility.

With the price hovering near the middle band at $0.5298, the market appeared to be indecisive. A breakout above $0.6091 would confirm a bullish reversal, while a drop below $0.4505 could lead to further declines.

The MACD indicator showed a weak bullish crossover, with the MACD line crossing above the signal line. This suggests positive momentum is starting to build, although the MACD remains below the zero line, signaling that the overall market trend is still bearish.

A move above the zero line would confirm stronger bullish momentum. The Aroon indicator also showed a potential bullish trend forming, with the Aroon Up at 64.29%.

For this trend to be confirmed, the price must break above $0.5298. Should ARB fail to hold above this level, the market could see a continuation of the recent bearish trend, especially if the price dips below the $0.50 mark.

Arbitrum transactions, activity surged: Over the past 24 hours, Arbitrum recorded 190 large transactions, which matches the 7-day high, which was recorded on September 6.

This increase in large transactions suggests that there has been a renewed interest and activity in the Arbitrum market.

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