ARB, WLD Prices Surge In 24 Hours: Can Bullish Momentum Sustain?
For the first time since April 24, the price of Arbitrum (ARB) has surpassed $1, climbing 9.73% in the past day. At the moment, ARB is valued at $1.15. Coin Edition’s research suggests that the token’s value increased following a rise in Ethereum (ETH), to which ARB appears to have a strong correlation.
Worldcoin (WLD) is another token that has experienced a significant surge, currently trading at $4.93, reflecting a 4.66% increase within the last 24 hours. With these impressive performances, the question arises: can the prices of these tokens continue their upward momentum?
Arbitrum (ARB):
Analyzing the ARB/USD 4-hour chart, it is evident that sellers had been driving the price down since April 24. However, it seems that bears have exhausted their efforts, allowing bulls to take advantage of the price action and initiate an uptrend.
Although ARB’s price has increased, an overhead resistance has materialized at $1.19. If this resistance is broken, ARB could potentially rise towards $1.27. Conversely, a rejection at this level could result in the price dipping below $1 once more.
On the positive side, the Relative Strength Index (RSI) has surged, implying the presence of buying momentum. Furthermore, the RSI has not yet reached the overbought region, indicating that ARB’s price could reach targets between $1.27 and $1.45 in the short term.
The green histogram bars on the Awesome Oscillator (AO) also support this bullish projection. However, traders should exercise caution as a shift to red in the AO could invalidate the bullish forecast.
Worldcoin (WLD):
The support established at $4.60 on the WLD 4-hour chart has facilitated the continuous rise in price. Nevertheless, like ARB, WLD needs to be wary of overhead resistance, which stands at $5.21. However, the current momentum suggests that WLD may break through this resistance, as the path appears clear for further appreciation.
Moreover, the Moving Average Convergence Divergence (MACD) indicates a positive momentum, favoring the bulls. However, the 12 and 26 EMAs remain below the zero line, suggesting that the bullish bias has not yet been confirmed. In such a scenario, WLD’s price could experience a decline.
Nevertheless, if the bulls can push further and sustain the upward trend, WLD might rally towards $5.79, where the 0.786 Fibonacci level is positioned, potentially providing support for the token.
Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice or any form of advice. Coin Edition bears no responsibility for any losses incurred as a result of using the content, products, or services mentioned. Readers are advised to exercise caution and conduct their own research before making any investment decisions.