- Binance has added new digital and fiat currency pairs to its trading platform.
- Following the listing of Arbitrum on Binance, the price of the ARB token surged over 12%.
- Technical analysis suggests that bullish investors currently control ARB prices.
Binance, the cryptocurrency exchange with the largest market capitalization, recently announced adding new trading pairs to its spot platform.
Binance has recently introduced new digital currency pairs, and fiat currency pairs on its platform. The exchange has included the Russian Ruble (RUB), Turkish Lira (TRY), and Polish Zloty (PLN) as fiat currency options. These newly added fiat currencies can now be used for trading operations on the platform, providing traders with more options to trade in their preferred currencies.
The added digital currencies are as follows, Arbitrum (ARB), JOE (JOE), Magic (MAGIC), and Tether (USDT) new to the platform, which are the new trading pairs on the platform. As per the announcement, traders and investors can commence trading operations using these newly added pairs from tomorrow at 08:00 UTC.
Following the listing of Arbitrum on Binance, the price of the ARB token has recorded a price surge of over 12%, leading to the token being traded at $1.35 in the last 24 hours. The bulls in the Arbitrum market have established support and resistance levels at $1.18 and $1.36, respectively.
The current bullish sentiment in the ARB market is likely to continue in the hours ahead. As indicated by the increase in its trading volume, which records a surge of 120.39% and is currently hovering at $929,373,892. In comparison, the market capitalization is at $1,729,963,347, an increase of 13.84%.
Recent Technical Analysis of ARB
According to the 4-hour price analysis, bullish investors currently control ARB prices. This is evident from the Relative Strength Index (RSI), which is above its signal line and shows a reading of 76.72. The RSI reading suggests bullish solid pressure in the market, which may continue for the coming hours.
However, investors and traders should exercise caution as the RSI line is approaching the overbought zone. This indicates that a price reversal could happen soon, and the bears may take control of the Abitrum market. Therefore, keeping a close eye on the RSI and other market indicators is important to make informed investment decisions.
The Moving Average Convergence Divergence (MACD) indicator indicates a bullish pressure as it moves upward, suggesting a potential continuation of the current bullish sentiment. Additionally, the trajectory histogram on the positive side suggests a bullish sentiment in the Abitrum market’s current trading state.
Overall, the recent addition of Arbitrum (ARB) to Binance’s trading platform has sparked a surge in the token’s price and trading volume.
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