Arbitrum (ARB) price action beginning August through October has culminated in a double-bottom technical formation, coming at a time when the broader market is bullish, led by the king of cryptocurrency, Bitcoin (BTC).
Arbitrum price has confirmed a breakout above the $0.9703 neckline of a double bottom pattern. ARB could rally 30%, steered by key on-chain metrics with a breakout objective of $1.2735, levels last tested in July. Invalidation of the bullish thesis will occur if the altcoin breaks and closes below the $0.9000 psychological level on the daily timeframe.
Nevertheless, the upside potential remains plausible, with the Relative Strength Index still above the 50 level and the Awesome Oscillator still in the positive zone with green prominent histogram bars. Increased buyer momentum above current levels could send Arbitrum price north, clearing the 50% Fibonacci level at $1.0440 before an extension north. In a highly bullish case, the gains could extend for ARB market value to breach the $1.1000 and $1.
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