Arbitrum (ARB) price is showing signals that suggest the downtrend could be coming to an end.
Arbitrum price is slowing its descent as it trades around $0.973. A bullish divergence coupled with on-chain metrics suggests a potential reversal. Investors can expect ARB to rally 30% and tag $1.281. A decisive daily candlestick close below $0.855 will invalidate the bullish thesis. Arbitrum price is showing signals that suggest the downtrend could be coming to an end. If this development is coupled with improving Bitcoin price outlook, then ARB could be due for a quick move to the upside.
Hence, bulls need to wait for this flush and a potential recovery above $1.031 before betting heavily on ARB. In such a case, Arbitrum price could eye a retest of the $1.127 and $1.281 resistance levels. ARB/USDT 12-hour chart Supporting this bullish outlook in Arbitrum price is the uptick in Santiment’s Network Growth metric. This index is used to track the new addresses created on the Arbitrum blockchain. On May 12, Network Growth shot up to 9,399 from 4,836 the day before.
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