The Arbitrum (ARB) price needs to reach the level of $140 million in profits๐ฅ
๐ฌThe rise in arbitration prices has brought altcoins significantly closer to all-time highs. Doing so will also result in high profits for thousands of investors.
However, the slightest drawdown could mean millions of dollars for ARB investors. What are the possible outcomes?
๐ฌ The arbitration price needs a little push
The Arbitrum price is trading at $2.16, which is close to an all-time high. The former ATH of $2.42 was established at the beginning of the year, and ARB is guaranteed an 11% rise to break above this level. The likelihood of this happening is high for two reasons. One is the support of investors, and the other is the state of the market.
๐ฎARB holders may be prepared to postpone the sell-off until the above levels are breached. That's because about 64 million ARBs worth more than $140 million are on the verge of becoming profitable.
Secondly, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are currently indicative of bullish sentiment.
๐ฌOn the other hand, MACD is a trend-following momentum indicator that shows the relationship between two moving averages of an asset's price. It consists of a MACD line, a signal line, and a histogram that helps identify trend changes and momentum changes.
๐ฌARB Price Prediction: Keep an eye out for this level
Considering the above conditions, Arbitrum's price has enough momentum to complete an 11% increase in the coming days, making 64 million ARB profitable.
However, given that ARB has been trading sideways over the past few days, the possibility of its possible decline cannot be ruled out if investors choose to sell.
A solid support floor is at $2.00, but losing this level could invalidate the bullish argument as $841 million worth of ARB will face losses. As a result, the Arbitrum price could eventually test $1.68 as the next support level.๐ฅ
-stay tune for more updates๐
$ARB
