The post Arbitrum Price Jumps 15% Overnight as Bulls Target $0.60? appeared first on Coinpedia Fintech News
Arbitrum is riding the bulls, running over 15% higher in the past 24 hours and nearly 40% in the last week. The token now trades at $0.5464, lifting its market cap to $2.81 billion as 24-hour trading volume rose 157% to $1.45 billion. The surge comes amid growing ecosystem confidence and strategic developments that have reignited trader interest.
What’s Driving the Arbitrum Price?
The two major factors below have strengthened Arbitrum’s price action:
- Ecosystem Recovery Boost: GMX’s $44 million hack compensation plan restored confidence in the Arbitrum ecosystem, reducing concerns over protocol risk.
- Strategic Acquisition: Offchain Labs’ purchase of ZeroDev is expected to enhance Arbitrum’s developer tools, signaling long-term network growth.
ARB Price Analysis
ARB’s price breakout above the $0.53 level aligns with the 23.6% Fibonacci retracement and has fueled short-term bullish sentiment. The token has also crossed key technical levels: the 200-day SMA at $0.388 and the 7-day EMA at $0.467, indicating a decisive shift in momentum.
The RSI sits near 71.64, signaling strong buying pressure but also cautioning against potential overextension. If momentum cools, ARB could consolidate around $0.54, the first major support, followed by $0.4931.
The MACD histogram turning positive at +0.0121 underscores continued upward momentum. Resistance levels now stand at $0.5828, with a further upside target at $0.60. A clear breakout above these levels could confirm sustained bullish sentiment. However, profit-taking may trigger short-term pullbacks.
FAQs
The next major resistance is at $0.5828, followed by $0.60 if momentum continues.
With RSI near 71, ARB is approaching overbought territory, suggesting possible consolidation.
Immediate support lies at $0.54, with stronger support at $0.4931.
