UY Scuti's 15min chart sees SMA20 turn upward, potential for price increase.

On the 15-minute chart of UY Scuti, a notable trend reversal has been observed. The short-term moving average of 20 days has turned upward, indicating a shift in market sentiment towards a bullish direction. This suggests that buyers are currently dominating the market and driving the price higher in the short-term.

A notable rally in Arbitrum (ARB) has been observed, with the token surging nearly 46% to an intraday high of $0.38 before retracing slightly to $0.35 at press time [1]. This surge has positioned Arbitrum for a potential breakout from a long-forming bullish reversal pattern, according to data from crypto.news. The token's market capitalization climbed above $1.7 billion, overtaking several other tokens in the rankings.

The rally occurred in a high-volume trading environment, with ARB's daily spot trading volume jumping over 450% in the past 24 hours, amounting to $658 million worth of tokens changing hands [1]. Derivatives activity also surged by 42%, and a long/short ratio above 1 across major exchanges suggests bullish positioning among leveraged traders.

Much of the recent momentum has been driven by speculation that Robinhood may tap Arbitrum to develop a blockchain infrastructure enabling EU-based users to trade U.S. equities on-chain [1]. This rumor gained traction after Robinhood announced that its Crypto GM, Johann Kerbrat, and A.J. Warner, CSO of Offchain Labs, will join Ethereum co-founder Vitalik Buterin for a fireside chat on Monday, hosted by Robinhood Europe in Cannes.

On the 1-day/USDT price chart, ARB is nearing the upper boundary of a large falling wedge pattern that has been developing since January of last year [1]. A confirmed breakout above this resistance trendline would signal the end of its long-term downtrend and the beginning of a new bullish phase. The token currently trades above its 50-day exponential moving average, indicating strengthening medium-term bullish momentum.

The Aroon Up indicator stands at 92.86%, while the Aroon Down is at 42.86%, pointing to a strong uptrend with declining bearish pressure, typically seen in early stages of trend reversals [1]. If the breakout from the wedge is confirmed, the next likely upside target for ARB lies at $0.75, with a potential rally to $1 representing gains of 185% from the current levels.

References:

[1] https://crypto.news/arbitrum-eyes-rally-to-1-as-robinhood-partnership-rumors-gain-traction/