ARB Price Bounces on Elara Upgrade
Arbitrum's price has been on an upward trend in September after a sharp recovery pushed its token higher. The token recently traded around $0.111, following a 28.32% daily gain and a 13.90% weekly increase. This surge is largely attributed to the Elara upgrade that strengthened Arbitrum's fundamentals and could boost momentum.
However, this recovery faces several tests as traders assess whether ARB can sustain its latest advance. The monthly chart shows improving momentum after ARB rebounded from $0.0702. A sustained move above the $0.1146 Fibonacci midpoint could strengthen the recovery and improve market confidence.
The next major hurdle sits near $0.1400, which matches the 0.786 Fibonacci retracement. However, momentum indicators also suggest caution, with the monthly Stochastic RSI sitting near 89.41. This indicates strong buying momentum but also elevated overbought risks, suggesting that ARB could consolidate before attempting another major breakout.