Since the price touched $1.82 in mid-April, ARB lost momentum and keeps breaking lower with no major sign of exhaustion. It is yet to find a solid rebound level as the bears continue to take charge.
After witnessing several losses in the past month, ARB continued to fall and registered almost 20% loss since the start of this month. This loss drove the price to a weekly low of $1 on Monday and the bears took a break.
This break has brought a small relief in the market and as a result of that, it saw a slight recovery. However, it is not strong enough to signal a bullish reversal. Nevertheless, the sellers are still much around the corner.
Now that ARB recovers towards the recent breakdown area of $1.256 and $1.288, it may resume drops after a retest. The weekly low may face selling pressure. More dip could result in a toll-free for the bears as there is no key support level to suppress selling.
Because some top altcoins are reaching their critical support – buy level – this asset may hold the weekly low well and start to build up for a bullish impulsive movement.
At the time of writing, ARB is still super bearish on the 4-hour time frame. A significant recovery above the breakdown area should signal that the bulls are stepping back.
ARB’s Key Level To Watch
Source: Tradingview
In case of more dips, the price must drop below $1.1, particularly the current holding psychological level of $1. New support may come to around $0.8 if the price falls further.
If the asset reclaims the breakdown area, above the descending wedge, the resistance level to keep in mind is $1.825. It is then followed by $1.5 and $1.58. A full recovery above the $1.82 resistance level should welcome a strong bullish rally.
Key Resistance Levels: $1.288, $1.425, $1.5
Key Support Levels: $1.11, $1, $0.8
- Spot Price: $1.18
- 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.
Image Source: oreora/123RF // Image Effects by Colorcinch
