Arbitrum (ARB) approaches a major breakout, with potential for a 2x rally as key indicators align.
With a circulating supply of 3.5 billion ARB tokens, the current market capitalization stands at $2.09 billion, supported by a trading volume of $182.4 million in the past 24 hours.“$ARB is currently moving within a Descending Channel. It now appears to have Bottomed out and is on the verge of a Breakout. If it Successfully breaks out, we could see a 2x Bullish Rally in 2-3 months.”
ARB has been trading within a descending channel since March 2024, characterized by lower highs and lower lows. The price has consistently adhered to the channel boundaries, showing a clear downtrend.Source: XARB/USDT chart reveals that the price is currently trading near the middle Bollinger Band, indicating consolidation following a recent downtrend.
Further supporting this outlook, the MACD has shown a bullish crossover, with the MACD line moving above the signal line.
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