Cryptocurrency values made strong gains this week as Bitcoin surged above $30,000 and Ethereum rocketed to more than $2,000. This rally was supported by the ongoing dollar sell-off, the latest American consumer inflation data, Shapellla upgrade, and dovish Federal Reserve minutes. In this crypto price forecast, we will analyze Arbitrum (ARB), Taboo Token, and EOS.
Arbitrum (ARB) price outlook
Arbitrum is one of the newest crypto tokens since it was airdropped in March. During the initial days of the airdrop, ARB token dropped as some insiders exited their positions and as uncertainties about its tokenomics lingered.
Arbitrum has since rebounded to an all-time high as investors cheer the expansion of its ecosystem. It also surged as activity in its key dApps grew and as other cryptos rallied. On the hourly chart, the token jumped above the important resistance level at $1.44, the highest point on March 31.
ARB price remains above the 25-period and 50-period moving averages. It has also formed what appears to be a bullish flag pattern. Therefore, I speculate that the token will keep rising in the short term as buyers target the key resistance at $2. This outlook will be validated if the token moves above this week’s high of $1.59.
EOS price forecast
EOS price had a strong performance this week as traders anticipated the upcoming rollout of its Ethereum Virtual Machine (EVM). The developers launched the mainnet beta of this version on Friday. EOS surged to a high of $1.2967 on Friday and then pulled back. As it rose, EOS managed to move above the key resistance at $1.2532, the highest level on April 11.
EOS has now pulled back as it attempts to test the support at $1.2532. This performance is known as a break and retest pattern and is usually a sign of a bullish continuation. Thus, there is a likelihood that the coin will resume the bullish trend as buyers target the key resistance at $1.30.
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