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Arbitrum (ARB) Primed For 46% Rally If This Happens, Analyst Reveals
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Arbitrum (ARB) Primed For 46% Rally If This Happens, Analyst Reveals

Keshav Verma
Keshav Verma
4 months ago
2 mins read
Arbitrum

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An analyst has explained how Arbitrum could see an upswing of around 46% if its price breaks out of this technical analysis pattern.

Arbitrum Has Been Trading Inside A Descending Triangle Recently

In a new post on X, analyst Ali Martinez has talked about a Descending Triangle pattern forming in the 4-hour price of Arbitrum. The “Descending Triangle” refers to a formation from technical analysis (TA) that, as its name suggests, looks like a triangle slopped downwards.

The pattern involves two trendlines between which the asset consolidates: an upper level drawn by connecting together lower highs in the price and a lower one parallel to the time-axis that joins bottoms. Like in many other TA patterns, the upper line is considered to be a point of probable resistance for the price, while the lower one can act as support.

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Breaks out of either of these lines can imply a continuation of trend in that direction. An escape above the triangle is naturally a bullish signal, while a drop under it can foreshadow a bearish outcome.

Similar to the Descending Triangle, there is also another pattern called the Ascending Triangle, which forms when the consolidation occurs towards an overall upside.

Now, here is the chart shared by the analyst that shows the Descending Triangle that the 4-hour price of Arbitrum has been trading inside during the last couple of months:

Arbitrum Descending Triangle
Looks like the price of the asset is currently approaching the apex of the triangle | Source: @ali_charts on X

As displayed in the above graph, the Arbitrum 4-hour price retested the upper level of the Descending Triangle a few days ago, but it found rejection as it has since plunged down.

Yesterday, the coin saw a very brief retest of the lower line, but it appears this level is also holding for the cryptocurrency as its price has found a rebound from it.

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It’s likely that these levels won’t hold for long, however, as ARB is fast approaching the apex of the triangle. As the range gets narrower, the chances of a breakout (in either direction) become higher.

At present, Arbitrum is trading right in the middle of the two levels, so it’s uncertain which one it would be traveling to next. Martinez notes that if the breakout happens towards the upside, then the cryptocurrency could end up enjoying a surge of around 46%. This figure is based on the fact that the height of the triangle involves a price swing of this percentage.

It only remains to be seen whether ARB would be able to find a break above the Descending Triangle or not.

ARB Price

At the time of writing, Arbitrum is trading around $0.72, up 1% over the last 24 hours.

Arbitrum Price Chart
The price of the coin seems to have been going down over the last few days | Source: ARBUSDT on TradingView
Featured image from Dall-E, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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