Arbitrum

<a href="https://www.blockhead.co/tag/arbitrum/" rel="noopener noreferrer nofollow">Arbitrum</a> (ARB) hit a new all-time high of $1.83, as the Layer 2 scaling solution for the Ethereum blockchain continued its bullish trajectory.With Arbitrum gathering huge interest due to its fast smart contract transactions while reducing transaction costs, this has translated to important gains for its native coin, ARB.On-chain trading data from <a href="https://coinmarketcap.com/currencies/arbitrum/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">Coinmarketcap</a> showed that ARB recorded a 102% increase in its daily trading volume and a 12% increase in its total marketcap over the past 24 hours. This signaled massive interest in ARB with bulls poised to profit.<h3 id="can-arb-s-bullish-run-take-it-to-the-2-price-level">Can ARB’s bullish run take it to the $2 price level?</h3>ARB’s break of the $1.47 resistance level and validation as a support level enhanced its bullish momentum with ARB continuing to make a series of higher lows. The most recent capture of the $1.60 resistance with a 15% price jump over the past day laid the foundation for ARB hitting a new high.Based on ARB’s previous price action, price is expected to consolidate at the new support level of $1.74 before another leg up. Traders looking to go long can wait for a retest of the $1.74 support level and its validation with a bullish candle close above the level on the four-hour timeframe.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/e8ec120f1cc644c3b5c04f01e7545b38.png" />ARB/USDT on TradingView (4H Timeframe)A look at the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) indicators highlighted the bullish outlook. The RSI climbed into the overbought zone while the MACD maintained its bullish crossover along with green histogram bars above the zero level.This combination of bullish price action and indicators suggested that the next move for ARB could see it hit the $2 - $2.2 price range over the coming weeks. Subscribe to Blockhead&#39;s daily newsletter for <a href="https://www.blockhead.co/#/portal/signup" rel="noopener noreferrer nofollow">FREE </a>and stay in the loop on digital assets. Follow our <a href="https://twitter.com/blockhead_co" rel="noopener noreferrer nofollow">X</a> and <a href="https://t.me/blockhead_co" rel="noopener noreferrer nofollow">Telegram </a>for our latest updates too!

Can Arbitrum (ARB) Reach $2 After Hitting a New All-Time High?

Table of Contents

Blockhead

Other articles published on Jan 3, 2024

List of 6 coins that can be bigger than Dogecoin (DOGE)

Bitcoin ETF is Fully Priced In, Argues Analyst Glen Goodman

Institutions Double Down on Bitcoin Price Predictions for 2024 Despite Recent Volatility

Whales Market Announces the Launch of Its Revolutionary Dapp and $WHALES Token on the Solana network

Top Altcoins To Buy January 3: MKR, SOL, BONK

Ethereum (ETH) Projected to Rise Above $4,000 – Will Meme Moguls (MGLS) Keep Up?

Join our free newsletter for daily crypto updates!