In the dynamic world of cryptocurrency, the appetite for risk remains strong as the year draws to a close, with altcoins experiencing a surge. Bitcoin (BTC) has impacted the altcoin market with its price fluctuations, recently peaking at $43,787 before settling back to $42,582. This volatility has been consistent, with BTC prices oscillating within a $1,000 to $1,500 range, influencing the trajectory of altcoins, including the emerging ARB Coin.
ARB Coin, the native token of Arbitrum, a leading Ethereum scaling solution, has seen a 10% increase, trading at $1,539. Since its dip to $0.74 on September 11th, ARB price has been on a steady recovery, reflecting bullish momentum with potential for continued rally.
Breaking free from a descending resistance trend on October 23rd, ARB Coin’s price surpassed a significant 192-day resistance line. Initially, ARB struggled with a major horizontal resistance zone, but it eventually broke through in December, confirming this level as support on December 26th. The long wick on the candlestick also confirmed buyers’ resilience.
Crypto analysts are optimistic about ARB Coin’s future price. A commentator known as Route 2 FI suggests a continued rotation towards the Ethereum (ETH) ecosystem and anticipates better performance from ARB and other ETH-related tokens in the coming days.
Analysts Shardi B and CryptoKnight also predict a bullish outlook for ARB Coin, supported by a general lack of resistance and increasing demand. If ARB Coin reaches an all-time high, the rally could turn parabolic.
The daily chart’s Elliott Wave count indicates that we are in the third phase of an upward movement. Given the length of the first sub-wave, the third wave could extend to 2.61 times the length of the first, potentially leading to a 40% increase and a peak price of $2.25.