ARPA price is having a great year after a brutal collapse last year. In 2023, the layer 2 cryptocurrency has surged by more than 300% till now. This has made ARPA crypto one of the best-performing cryptocurrencies of this year.
The latest analysis reveals that a reclaim of a key resistance may unlock more upside in the coming days. On Thursday, ARPA price is consolidating after a 62.72% surge on Wednesday. At press time, ARPA is trading at 0.11% after a 0.71% loss during today’s trading session.
ARPA is a layer 2 scaling solution with a focus on privacy. In this way, the network aims to become the computational layer for secure and cheaper transactions. Its blockchain is currently in the testnet phase, and the mainnet is set to release before the end of Q2.
This suggests that the latest surge in ARPA price could be due to the speculation before the mainnet release. The recent price rally also appears to be a short squeeze. There also appear to be signs of manipulation after such unhealthy price action.
Technical analysis of ARPA crypto reveals that the price has broken above the key resistance level of $0.10. This key psychological level has been acting as a resistance on the higher timeframe. A reclaim of this level will make ARPA price prediction very bullish for the coming weeks. In this case, bulls may target $0.18 level.
However, if the price closes back below $0.10, then I expect a sharp sell-off. The next 48 hrs will be very crucial in this regard. Another factor that must be taken into account is the BTC price action as the biggest cryptocurrency by market cap has flipped bearish on the daily timeframe.
I’ll keep posting my updated ARPA analysis in my free Telegram group, which you are welcome to join.
This post was last modified on May 25, 2023, 16:24 BST 16:24