While Bitcoin stabilizes near the $43,000 mark, certain altcoins like ARB and MKR are witnessing growth and setting new records. Here’s a detailed analysis of the market situation for Arbitrum (ARB) and Maker (MKR) as of December 28, 2023.
Arbitrum (ARB)
For most of November and December, Arbitrum fluctuated in a narrow range between $1.0 and $1.2. The asset witnessed a rapid 44% increase starting December 22, reaching a new local high at $1.66.
Currently, Arbitrum oscillates between a support zone of $1.45-$1.51 and a resistance range of $1.61-$1.67. If BTC remains around the $43,000 mark, ARB's upward trajectory could continue, potentially challenging the resistance level at $1.7 and nearing its all-time high of $1.81.
A correction, though currently seeming less likely, could be triggered if Bitcoin declines, with key support levels at $1.39 and a range between $1.24-$1.32 possibly halting the downturn.
ARB chart on the М30 timeframe
Maker (MKR)
MKR has appreciated by 28% since December 19, yet it remains significantly below its ATH. Given BTC's stable performance and a lack of major negative market influences, MKR's growth prospects appear strong.
The current key resistance level for MKR is at $1633. Surpassing this could accelerate Maker's upward momentum, possibly leading to a new high near $1770.
Should a correction occur, MKR might retreat to support zones at $1526-$1573, $1489, and $1397-$1442, with a further support level at $1362 being tested only if Bitcoin dips to $38,000.
Maker chart on the М30 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
