ARB’s structure is still on a downward slope on the macro level, though it took a slight break in selling after posting a small gain months back. It appears down on the day as it traded flat for almost a week.
Arbitrum is one of the most promising scaling solutions for Ethereum, but the overall market is weak and yet to make a major shift as it still trades in a red zone on a daily scale.
However, it has temporarily suspended bearish with a mini recovery since August. But it is witnessing a setback following a rejection under $0.7 last month. Subjecting the asset to a short pullback mode over the past week, it found support and increased a bit.
Unfortunately, things got bad on Monday as the crypto lost traction. This led to another weakness and it posted losses daily. Up till now, ARB has been finding it difficult to regain traction.
A further weakness in price could trigger notable losses in the coming days, subjecting the market to a more bearish condition. Currently, there are no signs of buying. However, if the bulls find their way back into the market, they must retake September’s high to gain control of the market.
While the future looks promising for the crypto asset, we can anticipate a nice growth when the volume starts to flow heavily in the market.
ARB’s Key Level To Watch
Source: Tradingview
As volatility shrinks, here are possible price levels to consider for a major move. The closest support levels to consider for drops are $0.5 and $0.429. A breakdown from there could dip the price into the $0.3 range.
Towards the upside, it may face resistance at $0.576 before tapping last month’s $0.68 high. If the price scales through this high, ARB’s next buying target would be $0.84 potentially $1.
Key Resistance Levels: $0.576, $0.68, $0.84
Key Support Levels: $0.5, $0.429, $0.3
Spot Price: $0.533
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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