The cryptocurrency market has been experiencing a recent pullback, drawing attention to Arbitrum (ARB). In light of the record high prices of prominent cryptocurrencies like Bitcoin and Ethereum, investors are closely monitoring the performance of ARB in the market. Therefore, the focus is on the current price of Arbitrum and speculations about its future.

Forecast for Arbitrum’s Price Movement

With a market capitalization exceeding $3.8 billion and a circulating supply of 2,653,939,384 ARB, the cryptocurrency Arbitrum shows promising potential. Although there were concerns among investors when it traded below the 100-day Moving Average (MA) recently, positive indications have started to surface in ARB's price trends.

As of now, the price of Arbitrum is hovering around $1.45, reflecting a 1% increase in the past 24 hours. However, notable resistance levels lie ahead at $1.799 and $2.278.

Insights from Technical Indicators on ARB

Upon analyzing technical indicators, it is observed that there are signs of upward movement in the price of ARB. Notably, the 4-hour RSI indicator is approaching the 50 level, surpassing the oversold region. This development might signal a potential price surge and the initiation of a new trend.

Moreover, the 4-hour MACD indicator is demonstrating favorable trends. Both the MACD line and the signal line, previously below the MACD zero line, are now progressing towards it. The MACD histogram already resides above the MACD zero line, hinting at an impending upward movement.

Furthermore, the 1-hour bull and bear power histogram indicator indicates a gradual shift in favor of buyers as they take charge of the market. The histograms above the zero level suggest a strengthening of buyers and a likelihood of price escalation.

If Arbitrum manages to reverse its trend upwards, the cryptocurrency ARB may revisit its previous major resistance levels at $1.799 and $2.278. However, failure to move in an upward direction could potentially drive the price downwards, establishing a new lower threshold. In such a scenario, the ARB price could retreat to the $1 mark.