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Arbitrum (ARB) price rapidly increased in 2024, reaching an all-time high of $2.42 today. The ARB price has been on the rise since September 2023, following a parabolic ascending support trend line. This trend line has been confirmed several times, most recently in December.
ARB’s Growth Accelerates
Later, ARB’s growth rate accelerated even further. It broke out from its previous all-time high of $1.70 at the beginning of 2024 and confirmed it as support. Since that period, the ARB price has increased by 60%, reaching today’s all-time high of $2.42. Moreover, cryptocurrency analysts on Twitter are extremely optimistic about the future trend of ARB. Javon Marks believes the price will reach at least $2.60. Daily timeframe technical analysis indicates that the ARB price trend is still bullish but points to a potential local peak.
Technical analysts use Elliott Wave theory to determine the direction of the trend by examining recurring long-term price patterns and investor psychology. Wave counting indicates that ARB is in the third wave of a five-wave upward movement. The third wave has extended and is almost 2.61 times the length of the first wave. The rapid rise of the third wave has created a parabolic upward movement.
Current Data on ARB
The daily Relative Strength Index (RSI) shows a sign of a local peak as it has formed a downtrend, which supports the likelihood of an impending peak. Therefore, the first level for the local peak is 15% above the current price, at $2.65. If the third wave expands further and reaches 3.61 times the length of the first wave, ARB could rise by 45%, reaching the next resistance level of $3.28.
Daily timeframe technical analysis may show that the ARB price trend is still bullish but indicates a potential local peak. Therefore, the first level for the local peak is 15% above the current price, at $2.65. If the third wave expands further and reaches 3.61 times the length of the first wave, ARB could rise by 45%, reaching the next resistance level of $3.28.
