As the entire crypto market took a break in buying, ARB’s price pulled back and lost 3% in a week. It remains bullish on the daily but slowly losing momentum on the hourly alongside other top altcoins.
Layer 2 token like ARB has shown a strong reaction to the latest negative sentiments surrounding the market after reaching the peak of $1.25 during the last leg up.
Technically, the buying pressure stopped and the price fell moderately. Yesterday, it encountered support at $1.08 after losing steam for five days. Even though at that, the buyers still have the upper hand.
Now that the price is stalled under that peak level, it must break higher to signal a continuation of the uptrend once the buying pressure resumes.
Considering yesterday’s bounce, which is not enough to resurge the price, ARB managed to climb back above $1.1. Conversely, the price may keep dropping until it finds a solid ground level.
A resurge from the current trading level may trigger another buy towards the $1.5 zone. But as it stands now, the asset is finding it difficult to climb back amid the latest drops.
Despite that, the price is still up by 50% since it bounced off $0.77 two months ago. In terms of volatility, ARB remains one of the less volatile layer 2 tokens during the recent bullish rally across the crypto market.
ARB’s Key Level To Watch
In the latest meltdown, the $1.08 level has provided temporal support on the daily chart. If selling resumes and this support cracks, the potential support to consider for drops lies at $0.99 and $0.85.
For a rebound, it may face a key resistance level at $12 before breaking through $1.25 to test the $1.35 resistance level. The higher price level to watch is $1.57.
Key Resistance Levels: $1.25, $1.35, $1.57
Key Support Levels: $1.08, $0.99, $0.85
- Spot Price: $1.13
- Trend: Bullish
- Volatility: High
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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