Technical analysis by finanscio_ertanbirden about Symbol ARB: Buy recommendation (1/30/2024)

Arbitrum (ARB) price has bounced from the resistance zone at the previous all-time high and signaled a decisive uptrend. The rise is expected to continue in the near future. Arbitrum (ARB) price broke the key $1.7 resistance zone in the first week of 2024. With this move, the popular altcoin reached its all-time high of $2.43. After the initial decline, the price successfully confirmed the previous week's $1.7 zone as support. (blue arrow) and formed a bullish pin bar candlestick. This move indicates that the bulls view the decline to the previous breakout level as a buying opportunity, which usually leads to a continuation of the uptrend. The weekly RSI indicator is in an uptrend and is above 50. This indicates an advantage for the bulls. If so, ARB price could rise again to its all-time high of $2.43. This figure corresponds to a 28.90% increase compared to the current price.