For the first time since April 24, the price of Arbitrum (ARB) rose past $1 after the token surged by 9.73% in the last 24 hours. At press time, ARB’s price was $1.15. From Coin Edition’s finding the token value increased after Ethereum (ETH) which ARB seems to have a strong correlation with, climbed within the same period.
Another token that experienced a significant increase was Worldcoin (WLD). As of this writing, WLD changed hands at $4.93— a 4.66% increase in the last 24 hours. With these performances, can the price of the tokens continue to rally? Let’s find out.
Arbitrum (ARB)
According to the ARB/USD 4-hour chart, sellers have been dragging the price down since April 24. However, it seems bears got exhausted, allowing bulls to capitalize on the price action and spark an uptrend.
Though ARB’s price increased, an overhead resistance appeared at $1.19. A close above this resistance might pull ARB toward $1.27. On the other hand, a rejection might lead to a drawdown below $1 one more time.
However, the Relative Strength Index (RSI) jumped, suggesting that buying momentum was present. Furthermore, the RSI had not reached an overbought point that could force ARB’s price down. As such, the price targets for the token could be between $1.27 and $1.45 in the short term.
ARB/USD 4-Hour Chart (Source: TradingView)
In addition, the green histogram bars on the Awesome Oscillator (AO) backed the prediction. However, traders might need to watch out. If the AO turns red, the bullish forecast could be invalidated.
Worldcoin (WLD)
Support created at $4.60 on the WLD 4-hour chart ensured that the price kept rising. But like ARB, WLD also needs to watch out for overhead resistance. This time, it was at $5.21. However, the current momentum suggests that WLD might key into this resistance as the path looked clear for it to hit value.
Furthermore, the Moving Average Convergence Divergence (MACD) was postive. This suggests a bullish momentum. However, the 12 and 26 EMAs remained below the zero line, indicating that the bullish bias has not been validated. In a case like this, WLD’s price could drop.
WLD/USD 4-Hour Chart (Source: TradingView)
However, if bulls pull through and drive a further hike, WLD might rally to $5.79. This was where the 0.786 Fibonaccil level positioned, suggesting a possible support for the token.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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