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Arbitrum Price Analysis: Can Robinhood’s Involvement Boost Bullish Sentiment for $ARB Price Soon?
The recent announcement by Robinhood Markets Inc. (NASDAQ: HOOD) that it is building its blockchain on top of the Arbitrum network has sent shockwaves throughout the cryptocurrency market, causing a massive surge in the value of Arbitrum (ARB). As a result, ARB price has outperformed other altcoins, gaining over 20 percent in the past seven days. However, can this involvement by Robinhood be a catalyst for further growth and bullish sentiment?
Firstly, it is essential to understand the impact that Robinhood’s involvement could have on the Arbitrum network. With a strong community of over 14 million retail investors, especially in North America, the partnership with Robinhood can significantly boost ARB price. The fact that HOOD shares gained over 12 percent on Monday to trade about $93.28 at the time of this writing further validates the importance of this collaboration.
Furthermore, analyzing the technical outlook reveals a more promising scenario for ARB price. In the weekly timeframe, ARB has been trapped in a falling trend characterized by lower lows and lower highs. However, it is noteworthy that the cryptocurrency has established a robust support level around $0.2673, particularly after rebounding twice this year. The daily chart also shows a similar pattern, with ARB price breaking out of a macro falling trend and retesting.
In light of these observations, it appears that the cryptocurrency is well-positioned to rally above 47 cents in the near term and potentially establish a macro rising trend. In addition to this technical analysis, the involvement by Robinhood further solidifies the bullish case for ARB price.
Source: coinpedia.org
