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Arbitrum Price Analysis: Can Robinhood’s Involvement Boost Bullish Sentiment for $ARB Price Soon?
In a remarkable turn of events, the price of Arbitrum (ARB) has skyrocketed by over 6 percent in the past 24 hours, trading at around $0.3412 on Monday, June 30. This significant surge can largely be attributed to Robinhood Markets Inc.’s (NASDAQ: HOOD) recent announcement regarding the development of its blockchain on top of the Arbitrum network.
As a result, the mid-cap altcoin has gained more than 20 percent in the past seven days. The question now is whether this newfound support from one of the largest retail brokerages can translate into sustained bullish momentum for ARB price in the near term.
The weekly timeframe reveals a falling trend characterized by lower lows and lower highs. However, it’s essential to note that ARB has established robust support around $0.2673, particularly after rebounding twice year-to-date. Similarly, the daily timeframe shows a broken macro falling trend with the price retesting the newly formed support zone.
In light of this development, the daily MACD line is poised to cross the Signal line amidst a bullish divergence in the Relative Strength Index (RSI). This setup presents an ideal opportunity for ARB to rally beyond 47 cents and establish a macro rising trend in the coming days.
Source: coinpedia.org
