Yesterday saw ARB through a major crack below a psychological level after losing steam for a week. Although, it has charted a notable loss in three days. It may retake the cracked level if the market recovers.
Last week, ARB reached its highest price level of $2.42 after witnessing a dramatic increase for 80 days. It halted buying, dropped off that level, and held the psychological $2 level as support.
This week turned out positive and the price bounced back for two days. After retesting $2.2, initiated a drop and broke through the mentioned psychological support to $1.815 today, retesting its previous ATH as support and at the same time marking its lowest level in ten days.
It saw a quick rejection and bounced slightly to where it’s priced at $1.88. An increase may bring a retest at the broken support level (as resistance). However, the price is still within a buying zone as it may initiate a bigger recovery in the coming days.
However, a continuous breakdown may result in a more bearish condition for Arbitrum until it finds a firm threshold level to foot a fresh increase. On the hourly chart, the bears are gaining control.
Following past days of losses, it is still holding an impressive 135% gains in the last 90 days of trading.
ARB’s Key Level To Watch
Source: Tradingview
While the price is down, ARB is currently sitting on a daily low of $1.82. If the price drives lower, the next line of support would be $1.6, followed by $1.4, located inside the orange demand zone.
The recently cracked psychological level is considered a retest point in case of an increase. If the price recovers above it, it will retake $2.1 before rising to $2.3 and $2.42.
Key Resistance Levels: $2.1, $2.3, $2.42
Key Support Levels: $1.82, $1.6, $1.4
- Spot Price: $1.88
- Trend: 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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