ARB’s bears appeared to have reached an exhaustion point following the latest increase, initiated after a slight fall. The asset is currently accumulating daily as the price is slowly jerking up for a big rally.
Looking back from where the price started to fall in the first quarter of the year, ARB broke through a lot of key support levels and recorded huge losses on a monthly scale, dipping the price to a new all-time low in August.
That month came as a relief period from a bearish phase with a nice recovery, which later ended in another drops. The price rolled back near the bottom and located support at $0.47 – tapped as monthly low.
Like most layer 2 tokens, ARB lifted nicely from this monthly low to where it is changing hands at $0.57 at press time. The volatility currently looks low but we can expect notable surge when the demand level rises.
Moving up, the August high may pose a little threat at the bulls. Scaling through it could pave way for a strong recovery. But from the look of things, the bulls are most likely to overcome this minor monthly high.
For now, it is important to note that ARB is still neutral-bearish on the daily chart while accumulating. A dip below the current monthly low could bring the bears back in action.
ARB’s Key Level To Watch
Above the August’s $0.636 high lies the $0.84 resistance. A further push from there could send the price to the important $1 resistance level in no time.
The monthly $0.50 and $0.47 lows are currently providing support in the latest increase. If the price falls below these lows, ARB may roll back to $0.429 – August low. Support to consider below this price level is $0.3.
Key Resistance Levels: $0.636, $0.84, $1
Key Support Levels: $0.5, $0.429, $0.3
- Spot Price: $0.57
- Trend: Neutral-Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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