• If ARB breaks the $0.432 resistance, it could rally toward $0.50.
• ARB trades at $0.9068, with volume up by 45.34% to $236.14M.
• Technical indicators and rising open interest support a bullish Arbitrum reversal.

Arbitrum (ARB) is showing signs of a bullish recovery, registering a 2.1% price gain in the past 24 hours. Despite the broader market exhibiting neutral sentiment, ARB is emerging as a resilient altcoin.

At the time of writing, ARB is trading at $0.9068, with a 24-hour trading volume of $236.14 million, marking a significant 45.34% increase in volume. The project currently holds a market capitalization of $2.04 billion, signaling strong investor interest.

However, zooming out to a weekly perspective reveals a different picture. ARB is down 9.58% over the past seven days, reflecting the recent bearish trend seen in the broader crypto market.

The price correction seems to have found support near the $0.362 region, as indicated by Bollinger Bands and horizontal support zones on the daily chart.

Also Read: Arbitrum Eyes Breakout From Falling Wedge, Targets $1.50 Ahead

Arbitrum Technical Indicators Signal Recovery

The daily Relative Strength Index (RSI) stands at 47.09, marginally below the 50 neutral point, but now seemingly moving upwards, indicating growing momentum.

The MACD line has recently crossed above the signal line in what appears to be a bullish crossover, suggesting further upside if buying pressure continues.

The Bollinger Bands are contracting, and the price is hovering near the mid-band (20 SMA), typically a sign of consolidation before a breakout.

The current resistance sits at $0.432, and a successful close above this level could push ARB toward the upper resistance near $0.50.

Futures Market Shows Growing Confidence

According to data from Coinglass, market activity in the derivatives market lends support to a short-term bullish view of Arbitrum. ARB open interest rose by 1.66% to $235.22 million, and derivatives trading volume jumped by 47.39% to $352.93 million.

The OI-weighted sentiment remains slightly positive at 0.0051%, indicating a neutral-to-bullish market leaning slightly toward long positions.

Arbitrum Nears Key $0.432 Resistance

Even though its weekly chart depicts a broader market downturn, the recent bounce, accompanied by rising volume and improving technicals, hints at a potential trend reversal. If bulls manage to cross above the immediate resistance and sustain volume levels, ARB could easily move to higher levels.

Investors should wait for confirmation of a breakout above the $0.432 resistance and corresponding RSI movement. In the short term, further bullish movement can be experienced by Arbitrum, further boosted by expanded open interest and volume behind the rally.

Also Read: GMX Halts V1 Trading After $42M Crypto Hack Hits Arbitrum Liquidity Pool