New Year, New Highs: ARB and ORDI Cryptos Soar to Record Levels
Welcome to the exhilarating world of crypto as we kick off 2024 with record-breaking highs for ARB and ORDI. These two digital assets are on an astonishing trajectory, and we're here to uncover the driving forces behind their remarkable price surges. Join us in exploring the exciting potential scenarios that lie ahead for ARB and ORDI.
The dawn of 2024 has brought a wave of bullish momentum for two cryptocurrencies, The Arbitrum (ARB) and ORDI. Both coins have reached all-time high prices, igniting excitement in the crypto community. In this analysis, we delve into the factors driving these remarkable price surges and explore the potential scenarios for their future trajectories.
ARB: Reaching Unprecedented Heights
Chart by TradingView
Arbitrum (ARB) has been on a remarkable journey, following a parabolic ascending support trend line since September 2023. Notably, the price experienced two significant bounces at this trend line, each time accelerating its upward trajectory. A more recent bounce occurred on December 18, leading to a rapid ascent.
Today, ARB achieved a new all-time high, surging to $1.98, surpassing its previous peak at $1.84. Prominent cryptocurrency trader JJCycles anticipates further acceleration once ARB enters price discovery mode.
The 3-day Relative Strength Index (RSI) lends support to the ongoing uptrend. The RSI serves as a momentum indicator, helping traders gauge whether an asset is overbought or oversold and whether to buy or sell. With the RSI reading above 50 and a bullish trend intact, bulls maintain their advantage.
Should the upward momentum persist, ARB could potentially surge by 40% and target the next resistance level at $2.50, formed by the 1.61 external Fibonacci retracement of the previous decline. However, it's crucial to remain vigilant, as a close below the $1.75 resistance may invalidate the breakout, possibly leading to a downturn below the parabolic ascending support trend line, with a potential 30% drop to the nearest support at $1.20.
ORDI: Scaling New Heights
ORDI, a standout performer in November and December, has experienced a colossal 1,400% price surge since November 7, culminating in a remarkable all-time high of $92 at the start of the year. The entire ascent has occurred within the confines of an ascending parallel channel, but now, ORDI is pushing above the resistance trend line of this channel, coinciding with the $87 Fib retracement resistance.
The 12-hour Relative Strength Index (RSI) reinforces the legitimacy of this breakout as it surges and breaks free from its bearish divergence trend line.
Renowned cryptocurrency trader NobleCoins expresses confidence that the rally won't halt at the $100 mark. Should the bullish momentum persist, ORDI could potentially climb by an additional 30%, aiming for the next resistance at $116.
However, it's imperative to remain cautious, as a failure to break out from the channel might indicate that a local top has been reached. In such a scenario, ORDI could experience a 35% drop, targeting the nearest support area at $56.
Bottom Line: The onset of 2024 has witnessed Arbitrum (ARB) and ORDI achieving unprecedented all-time high prices, igniting optimism in the crypto sphere.
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