Arbitrum’s native token ARB has experienced a rapid price increase, reaching an all-time high of $2.42. Since September 2023, the price has been on a parabolic uptrend, consistently confirming its rising support trend line, most recently in December.
The momentum accelerated in early 2024, breaking past the previous all-time high of $1.70, which has now become a support level. Since then, ARB has surged by 60%, achieving its new peak today. Crypto analysts on Twitter are optimistic about ARB’s future trajectory, with predictions of at least a $2.60 price point.
Technical analysts employing Elliott Wave theory suggest ARB is in the third wave of a five-wave upward movement. This third wave, significantly extended, has created a parabolic rise, indicating a strong bullish trend.
The daily Relative Strength Index (RSI) indicates a potential local top due to a developing bearish divergence, hinting that a correction might be near. The initial level for a local peak is 15% above the current price, at $2.65.
If the third wave continues to expand, potentially reaching 3.61 times the length of the first wave, ARB could see a 45% increase, hitting the next resistance level at $3.28. Despite the bullish trend, <a href="https://en.bitcoinhaber.net/cryptocurrency-market-surges-bsv-sei-and-trb-lead-the-rally" rel="noopener noreferrer nofollow">technical analysis</a> suggests caution as a local peak might be forming.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/arbitrums-record-surge-arb-hits-all-time-high-of-2-42" rel="noopener noreferrer nofollow">Arbitrum’s Record Surge: ARB Hits All-Time High of $2.42</a></h5>

Arbitrum’s Record Surge: ARB Hits All-Time High of $2.42

BH NEWS

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