ARB, the Cryptocurrency of Ethereum Layer-Two (L2) Scaling Arbitrum, Witnessed a Sharp Surge in Buying Pressure

input: ARB, the cryptocurrency of Ethereum layer-two (L2) scaling Arbitrum, witnessed a sharp surge in buying pressure during Wednesday's trading session.

The cryptocurrency of Ethereum layer-two (L2) scaling Arbitrum, ARB, saw heightened buying pressure during Wednesday’s trading session. The bullish momentum followed the token’s recent listing on the Robinhood exchange and ease from a broader market correction. Thus, the Arbitrum price shows the potential bottom formation at $0.35 with a reversal pattern signaling further gain.

Arbitrum (ARB) surges 10% after Robinhood listing

Popular trading platform Robinhood has added Arbitrum (ARB) to its listing. The news comes following the U.S. Securities and Exchange Commission (SEC)’s decision to close its probe into Robinhood’s crypto arm without any enforcement action.

The move follows the trend of expanding crypto services and reduced regulatory obstructions under Donald Trump’s administration.

The addition of ARB to the platform will increase the asset’s exposure to retail investors and boost liquidity.

The Arbitrum price recently bounced back from a February low of $0.35 to the current trading price of $0.417, registering a 20% gain in less than 48 hours. The daily chart reveals these two reversals as the potential formation of a double-bottom pattern.

This pattern signals a renewed bullish momentum for Arbitrum, which has been struggling to break free from the seller’s grip. The momentum indicator RSI in a recovery trend accentuates the rising buying pressure at $0.35 bottom.

If the pattern holds true, the ARB token would continue surging 20% to challenge the neckline resistance of $0.51. A potential breakout from this resistance will strengthen the buyer’s grip over this asset and chase the $0.675 mark.

On the other hand, if sellers continue to defend the overhead resistance of $0.51, the coin price will resume its sideways trading for this month.