Amid a slight decrease in the entire crypto market today, ARB sustained recovery and further showed strength with a 7% increase in the last 24 hours. While defying the odds on the day, it may lose momentum soon.
ARB’s outlook is still bearish on the daily chart, although the market has been going through a retracement phase for almost three weeks due to low supply. This retracement phase appears weak and from the look of things, the cryptocurrency may resume selling pressure shortly.
In fact, most major altcoins have been down since yesterday due to small drops in the crypto market but the price remained strong and continued to show signs of strength daily.
It has been slightly rejected after tapping the $0.828 level a few hours ago. Failure to climb above April’s low during this retracement phase may lead to another major sell-off. If that happens, the $0.4 level could be the next low to keep an eye on.
Currently, there are no signs of a bullish move in this market as ARB is yet to form a reversal pattern on the daily chart. A notable rise in the demand level could bring a retest at the falling trendline, serving as diagonal resistance since the start of the year. A break above this trendline should set the market for a bigger gain in the mid-term.
ARB’s Key Level To Watch
ARB is currently facing a key resistance of $0.86. The psychological $1 level is the next resistance to keep in mind for an increase. Above it lies $1.175. A break above the $1.275 resistance should propel buying to the falling trendline with a potential break-up.
For a drop, the $0.70 level is the closest support to keep an eye on, followed by the holding monthly $0.565 support. The potential level for a breakdown would be $0.5.
Key Resistance Levels: $0.86, $1, $1.175
Key Support Levels: $0.7, $0.565, $0.5
- Spot Price: $0.813
- 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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