Why Is Arbitrum (ARB) Price Up Today?

The price of Arbitrum’s native token ARB is up over 6% today to trade around $1.84 at press time. This price increase stands out since other major altcoins are not pumping significantly today.

When we look at ARB’s price chart, the token is still trading within the large range between $1.5 and $2.4 that it has remained in so far this year. $1.5 has provided strong support, with the price bouncing back multiple times from this level.

The all-time high for ARB is around $2.4, and the token needs to first break through the strong psychological resistance at the $2.00 mark before it can challenge its ATH.

The RSI (Relative Strength Index) indicator for ARB is around 70 across shorter and longer timeframes. An RSI above 70 generally signals that an asset may be temporarily overextended and could see a pullback before gaining upside momentum again. However, the RSI is not yet at extreme overbought levels for ARB.

We checked the Twitter account for Arbitrum, which has almost 1 million followers and is very active, but there were no major recent announcements from the team that seem to be driving today’s price bump.

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So in summary, ARB’s price is seeing some positive momentum today even as broader altcoin markets trade sideways. The token remains stuck in its 2022 trading range for now. If bullish sentiment around Arbitrum continues building, ARB could see a breakout past $2.00 and challenge its all-time high around $2.40. We’ll be keeping an eye on the news flow and technical indicators for ARB over the coming days and weeks.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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