The recent meltdown has put Arbitrum ARB in a more bearish condition as it lost a key level. While providing a discount for a long-term buy, it has found support and now decides on where next to head on a daily scale.
After witnessing a short bounce, ARB saw a rejection at $1.28 earlier last week and initiated a drop. This ended its two-week retracement and the crypto slowly lost steam with choppy price actions.
This week became more volatile due to the mid-week crash and the asset lost the $1 level, bringing the price to $0.9 on Friday, marking its lowest since April 13. It rejected that level and bounced back to $0.984 at the time of writing.
If ARB holds this low as solid support, we can anticipate an increase in the next few days. A push above last week’s rejected level could activate a retest at the descending resistance line that suppressed buying in March.
An extension of this drop could cause a break below the yearly low. If that happens, we can expect more panic sell and pain in the market.
Nonetheless, Arbitrum is still looking very cheap macro level as it provides a big buying opportunity for a long-term return. Although it may still shed some loss if the crypto market continues to follow a bearish sentiment.
ARB’s Key Level To Watch
Today looks a bit green compared to the past days of red. The $1.07, $1.175 and $1.28 levels are resistance to watch for an increase. A huge recovery above these levels could activate a rally to the $1.9 level that collapsed during March’s meltdown before breaking higher.
Losing the current holding support could dip the price to $0.86 – the yearly low. The $0.8 and $0.7 levels are other supports to watch for a breakdown.
Key Resistance Levels: $1.07, $1.175, $1.28
Key Support Levels: $0.86, $0.8, $0.7
- Spot Price: $0.984
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!