- ARB inflicted recoveries after securing $1.30 support.
- Price action moved towards a crucial resistance confluence.
- CVD grew while more shorts liquidated, supporting buyers’ leverage.
Arbitrum bulls battled to claim the support level of $1.300. Sellers have threatened to breach the support since April 23 but bulls showed their dedication. ARB attempted a revival during this publication, but enthusiasts should watch for the overhead resistance at $1.4200.
Meantime, Bitcoin regained the $28K region and might support short-term bulls to try to overcome the hurdle and target higher resistance regions. Nonetheless, amplified bearishness around the resistance region might force buyers to look for re-entry around lower support areas.
Can ARB Bulls Overcome the Obstacle?
The Relative Strength Index swayed slightly beyond the 50-region, indicating a nearly neutral level with some edge towards ARB bulls. Moreover, the OBV climbed slightly, suggesting improved buying momentum that could support the revival. Nonetheless, price action encountered a crucial confluence resistance at $1.4200.
More sellers joining the market at the mentioned confluence might see ARB dipping toward its previous support of $1.300 before trying another bounce-back. However, a breach beneath the support might see the token hitting the footing of $1.1437. Such cases will force buyers to seek entry into this territory.
Nonetheless, overcoming the confluence region will confirm short-term bullishness. That might see ARB rallying toward $1.49 before touching $1.57. Meanwhile, Bitcoin should reclaim $29K for a smooth Arbitrum uptick.
ARB’s Short Positions
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Source – Coinglass
Coinglass data shows short positions worth over $200K were wrecked on the 4hr chart, a massive number compared to long positions worth $63K. The daily chart shows shorts worth $2M liquidated compared to longs $291K. That indicates a near- and longer-term bullish strength that might support ARB bulls to overpower the resistance at $1.4200.
Moreover, the cumulative volume delta (CVD) grew, suggesting dominant buyers during this writing. Thus, ARB bulls have all it takes to clear the hurdle at $1.4200 unless Bitcoin fails to regain the $29K value area.
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