Arbitrum has broken the historical record of value

Cryptocurrency market analysts note that since September 2023, the value of the Arbitrum cryptocurrency (ARB) has been growing along a parabolic upward support trend line. The price has bounced off the trend line twice (green marks on the chart — ed.), both times accelerating the growth rate. And more recently, on December 18, ARB bounced off the trend line, and the growth dynamics accelerated even more.

As of the morning of January 3, according to the CoinMarketCap analytical tracker, ARB reached a new all-time high of $ 1.93, surpassing the previous all-time high of $ 1.82. Cryptocurrency trader JJCycles believes that this will lead to an even greater increase in the value of the crypto asset once ARB «reaches a price discovery.»

If the upward movement continues, ARB could increase by 40% and reach the next resistance at $ 2.50. The resistance is created by the 1.61 Fibonacci retracement, which is a correction of the previous drop.

Despite the bullish outlook for the ARB price, a close below the $ 1.75 resistance could offset the breakout. It could also cause a breakdown below the parabolic ascending support trend line. In that case, the ARB price could fall by 30% to the next nearest support at $ 1.20.