ARB’s Price is up by more than 4% today despite the relative loss amongst altcoins in the past hours. However, it is still maintaining a downward movement following a recent price breakdown.
Last week was a bit painful for Arbitrum as it broke through the $0.6 level (its launch price level) to the $0.428 range this Monday. This breakdown put the asset in a more bearish condition with no key support level yet.
The bulls intercepted the sell-off and the price bounced sharply, holding the mentioned price range as temporal support. They later showed more interest and pushed the market near the launch price level.
As shown on the daily price chart, it is trading at $0.57 at the time of writing. The buying pressure has dropped slightly in the past hours due to low volatility. It is now facing a rejection.
Failure to sustain buying could lead to another leg down in the coming week. If the bears release pressure again, the weekly bounce level should be considered as a breakpoint.
While it is still looking for solid ground, the trend remains bearish from a mid-term perspective. A reversal in the trend would be confirmed when ARB starts to make a new high above the five-month resistance line. For now, there are no signs of a strong buy.
ARB’s Key Level To Watch
While facing hurdles, ARB must break above the resistance line before considering a potential shift to the $0.84 level. The next resistance level to keep in mind is $1, followed by the $1.175 level.
A drop below the launch price level could slip the price back to the recent low, all mentioned above. $0.3 and $0.1 are the next support to watch if the price breaks lower.
Key Resistance Levels: $0.84, $1, $1.175
Key Support Levels: $0.428, $0.3, $0.1
- Spot Price: $0.575
- Trend: Bearish
- Volatility: Low
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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