Arbitrum Could Surge 46% If Price Breaks Descending Triangle Pattern
An analyst has identified a potential 46% upside for Arbitrum if it breaks out of a Descending Triangle pattern.
Technical Analysis Overview
- Arbitrum is currently trading within a Descending Triangle, characterized by lower highs and a support level that connects the lows.
- A breakout above the upper trendline would signal a bullish trend, while a drop below the lower line suggests a bearish outcome.
- The price recently retested both the upper and lower levels, facing rejection at the upper line but rebounding from the lower line.
- As the triangle narrows, the likelihood of a breakout in either direction increases.
- If an upward breakout occurs, the projected surge for ARB could be approximately 46%, based on the triangle's height.
Current Price Status
As of now, Arbitrum is trading around $0.72, reflecting a 1% increase over the last 24 hours.