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Home»Altcoins»Arbitrum up 6% in 24 hours, aims for more profit
Altcoins

Arbitrum up 6% in 24 hours, aims for more profit

2023-06-27No Comments2 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • The H4 market structure was bullish after ARB rose $1.15.
  • Open Interest (OI) rates increased, but purchase volumes decreased.

Most altcoins have been in a tight price consolidation since then From Bitcoin [BTC] fluctuations below $31k since June 24. However, arbitration [ARB] broke out of the range formation spell and sparked a bullish breakout, up approximately 6% in the past 24 hours as of writing.


Is your wallet green? look at the ARB Profit Calculator


But the price action should clear the supply area near $1.25 for bulls to seek additional gains. Meanwhile, BTC was still defending the USD 30k zone and was trading at USD 30.5k at the time of writing.

Can bulls overcome the $1.3 hurdle?

Source: ARB/USDT on TradingView

A look at the technical indicators on the 4-hour chart suggested a bullish bias as of this writing. The CMF (Chaikin Money Flow) has passed sharply above zero, indicating increased capital inflows.

Similarly, the RSI (Relative Strength Index) reached the overbought zone, indicating that buying pressure was increasing at the time of writing.

With bullish BTC firmly above USD 30k, ARB might try to clear the supply area and clear the hurdle near USD 1.25. A session close to $1.25 can allow for a $1.30 and $1.36 recovery.

Alternatively, a price rejection in the supply area at $1.25 could lead ARB to retest the immediate short-term support at $1.145. So a retest of the break at the $1.25 stock or rebound from $1,145 support could signal buy signals.

See also  WIF shrugs off setbacks as bullish rebound aims for more gains

A drop below $1.145 will weaken the structure, causing the ARB to drop below a recent higher low and H4 to turn bearish.

Purchase volumes eased; Open interest rates increased

Source: Coinalyse

On the 1-hour chart, CVD (Cumulative Volume Delta) peaked around June 20-21, but then declined. It shows that after June 21, buying volumes have plummeted.


How many Worth 1.10.100 ARBs today?


Similarly, Open Interest (OI) rates, which track demand in the futures market, fell below $150 million between June 22 and June 26, but rose thereafter, reaching $180 million at the time of going to press.

That is a bullish signal, but traders should follow worrying buying volumes and BTC price action before taking any action.

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Aims Arbitrum Hours profit
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