The appetite for risk in the cryptocurrency markets remains strong, and with just a few days left in the year, altcoins are on the rise. The BTC price climbed to $43,787 in the last 24 hours before retreating to $42,582. BTC has been fluctuating within a $1,000-$1,500 range for days, impacting altcoins as well. So, what are the expectations for ARB Coin?
ARB Coin Commentary
The brand-new token of Arbitrum, the best Ethereum scaling solution in terms of total locked value on the network, continues the day with a 10% increase. ARB Coin is at $1,539, with the potential for the rally to continue.
After dropping to $0.74 on September 11, the ARB price began a steady recovery process. On October 19, the price bottomed at higher levels, reflecting the bulls’ appetite for a rally. Following this, we saw the increase accelerate.
On October 23, the ARB Coin price broke free from a descending resistance trend line, leaving behind the 192-day resistance line. Initially, ARB struggled with a significant horizontal resistance area, but it finally broke through in December, with this level being confirmed as support on December 26. The long candlewick also confirmed the buyers’ struggle.
ARB Coin Price Target
Popular cryptocurrency analysts have positive sentiments about the future price of ARB Coin. For example, a crypto commentator known by the pseudonym Route 2 FI wrote that he believes the rotation towards the Ethereum (ETH) ecosystem will continue and said;
“It’s interesting to see $SOL, $INJ, $SEI, $TIA, and $AVAX taking a break. It seems Ethereum and ETH solutions are regaining interest. ARB, OP, LDO, MATIC could perform better in the coming days.”
Analysts named Shardi B and CryptoKnight also expect a rise in ARB Coin. Their expectations are supported by a general lack of resistance and demand. If ARB Coin reaches its all-time high price, the rally could become parabolic.
The Elliot wave count on the daily chart indicates we are in the third phase of an upward movement. Due to the length of the first subwave, the third wave could extend to 2.61 times the length of the first wave, which means we could see a peak of $2.25, a 40% increase.
