Arbitrum price analysis reveals that the ARB/USD depreciated to $1.18 after a bearish run. The coin has lost 5.72% in the last 24 hours as the bearish momentum continues. The downtrend has been in the market since the beginning of today as the price went from its opening at $1.24 to $1.18 now. The bears are trying to push the price below the $1.2 support level, which is a key level to watch.
While the resistance level at $1.51 is still intact, the bears could continue to attack in the coming hours as well. The 24-hour trading volume is $3.53 million, which suggests that the sell-off has been quite active in the last 24 hours. The market cap has decreased to $1.48 million as the price has dropped.
Arbitrum price analysis 1-day chart: ARB/USD depreciates to $1.18 after a bearish run
The daily chart shows that the ARB/USD pair is in a bearish trend line, and it appears that the bears could continue their dominance in the short term. The market needs to break above the resistance level of $1.51 in order for further bullish momentum to come into play. The volatility of the coin has been increasing in recent days, which suggests that the price could continue to move sideways before any major movement occurs.
ARB/USD 1-day price chart, Source: TradingView
The Bollinger bands’ values are as follows; the upper Bollinger band is touching the $1.5155 mark, whereas the lower band is at the $1.2020 mark. The MACD is currently below the zero line, which suggests that the bearish pressure could remain intact in the near term. The RSI is at 36.80, indicating that buyers and sellers are in equilibrium.
ARB/USD 4-hour price chart: Price action remains bearish
The 4-hour Arbitrum price analysis shows prices are going down for the cryptocurrency due to continuous bearish pressure from the last few hours. Given the current technical indicators, it appears that Arbitrum may continue to see bearish pressure in the coming hours. As long as the bears remain dominant, we could see the price dropping even lower than its current level, potentially towards $1.20 or below. However, if bullish momentum comes back into play then it may push the price above the current resistance levels, resulting in further gains
ARB/USD 4-hour price chart, Source: TradingView
The signal line for MACD crosses below the MACD line, indicating bearish momentum. The Bollinger bands indicate a volatile situation, as the higher end of the band stands at the $1.37 mark while the lower end stands at the $1.13 mark. The relative strength index (RSI) is 31.31, which suggests that the digital asset is currently oversold.
Arbitrum price analysis conclusion
Overall, Arbitrum price analysis reveals that bears are still in control of the market at this moment as prices continue to drop under bearish pressure. The hourly and daily charts show bearish movements, and the indicators point to a continuation of this trend in the short term. However, the Arbitrum price could increase if bulls take control of the market and push it above the current resistance levels. Investors should remain cautious, as volatile markets can change direction quickly.
