Assessing Arbitrum protocol’s current status, should you expect a bull run

At press time, Arbitrum was trading at $1.171. Its price declined by 21.88% after hitting the resistance level of $1.507 on 26 April.

Notably, the price started picking up bullish momentum in the last 24 hours which was supported by the rise in the number of token holders.

The Relative Strength Index of ARB exhibited an upward trend in tandem with its price, ultimately reaching 54.82. With an RSI of 54.82, ARB’s price may still have some room to increase before reaching the overbought zone, which typically begins at an RSI level of 70.Despite the price increase, the Chaikin Money Flow demonstrated a bearish divergence by decreasing to -0.14.

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