Arbitrum appears indecisive above a key threshold level as it is yet to decide on the next major move. It just saw a bounce off support and now aims for a higher level following the latest gains across the crypto market.
Some weeks back, Arbitrum’s native token – ARB, increased by over 200% immediately after the price was launched into the market. Since then, it has held a strong threshold above the $1.1 mark level.
That level has supported the crypto asset over the past few days. It has bounced off the support again and appeared ready to initiate a major rally due to a retest on the descending trend line. Although the price still looks flattening when deciding to go north or south.
One thing that is worth paying attention to here is the flat lows and lower highs pattern, forming for some days now. This suggests a bearish formation on the 4-hour chart. the price may break lower if ARB follows the pattern.
Predicting the next actual price direction looks dicey in the higher time frame due to insufficient trading history. A surge in volatility would provide at least a 30% profit/loss if the price breaks up or down.
The price is currently down by 2.5% with no major bullish signs. The bears may eventually gain control if the price nosedive the mentioned mark level. The current sentiment for ARB is relatively indecisive.
ARB’s Key Level To Watch
Just a few hours ago, the price rebounded from the threshold level to where it currently changes hands at $1.2. It may encounter resistance around $1.26 and $1.288, marked as current and past weekly highs. But if the price scales through, the next buy target would be $1.425 and $1.57 before breaking higher.
The key support area to watch for a breakdown is $1.154 and 1.11. Further support levels to keep in mind for selling pressure are $1 and $0.9.
Key Resistance Levels: $1.288, $1.425, $1.57
Key Support Levels: $1.11, $1, $0.9
- Spot Price: $1.2
- Trend: Neutral
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.