Arbitrum (ARB) is showing signs of a potential breakout, according to the latest analysis by top crypto analyst Captain Faibik. In a tweet, Captain Faibik shared his insights on the ARB chart, highlighting a descending channel pattern.
Moreover, he suggested that a bullish rally could be imminent. With the possibility of a 2x rally within the next 2-3 months.
What you'll learn 👉
ARB’s Descending Channel Pattern Identified
Captain Faibik’s analysis focuses on ARB’s price movement within a descending channel. A sequence of lower highs and lower lows that create a sloping downward parallel channel on the price chart are the defining characteristics of this pattern.
ARB looks to have reached the bottom of this channel, suggesting a potential reversal, the analyst observed.
“$ARB is currently moving within Descending Channel. It now appears to have Bottomed out and is on the verge of a Breakout,” Captain Faibik stated in a recent tweet.
Potential Breakout and Price Target
The crypto expert’s chart analysis suggests that ARB is approaching a critical juncture. If the token successfully breaks out of the descending channel, it could trigger a bullish rally.
Captain Faibik believes this breakout could lead to a 2x price increase within a relatively short timeframe. “If it Successfully breaks out, we could see a 2x Bullish Rally in 2-3 months,” the analyst predicted.
The chart shared by Captain Faibik highlights several key technical factors supporting the bullish thesis. The lower boundary of the descending channel has acted as strong support, with ARB testing this level multiple times without breaking lower.
Additionally, the price is now moving towards the upper boundary, which serves as the resistance line.
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Timeframe for Potential Rally
According to the analyst’s projection, the anticipated 2x rally could unfold over the next two to three months. This timeline assumes a successful breakout from the descending channel pattern.
Per data from CoinGecko, ARB trades at $0.5901 at press time. Moreover, it has a daily trading volume of $194,999,501. This shows a 1.22% price decline in the last day but a 10.62% uptick in the past week.
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