As the price of the cryptocurrency continues to decline, the Arbitrum price analysis is bearish today. Since April 28, 2023, when the coin encountered rejection at $1.42, ARB has once again been on a downward trend. The trend has persisted for the past two days as the price has dropped to the $1.36 range, and it is continuing today. Among the newly listed Binance coins, ARB has proved to be a good performer as it retained its price after its airdrop, which shows the strength of the network behind it.
ARB/USD 1-day price chart: ARB trades in bears for the third day
The 1-day Arbitrum price analysis shows the ARB remains bearish for today as well, following the bearish trend set up on April 28, 2023. ARB is trading hands at $1.36 at the time of writing. ARB/USD reports a decrease in value of 0.81 percent over the last 24 hours and also reports a loss of 5.66 percent in value over the past week. The trading volume has decreased by 44 percent, and the market cap has decreased by 0.76 percent, resulting in a market dominance of 0.14 percent.
The volatility is high as the downtrend extends, but the Bollinger bands are converging slowly, with the upper limit of the Bollinger bands present at the $1.73 level, representing resistance for ARB, and the lower band present at $1.15, representing the strongest support for ARB.
The relative strength index (RSI) has been in a modest downturn for the past three days as the price has been falling. It is currently at index 47, which is in the bottom part of the neutral zone, and the indicator’s curve is downward, suggesting that the market is being sold off.
Arbitrum price analysis: Recent developments and further technical indications
The 4-hour Arbitrum price analysis shows the coin remained bearish today, and the price has sunk low towards the lower limit of the Bollinger bands. But the price has started to bounce up from here as it has been recovering a few hours back, but selling pressure is again there with the token trading at $1.36. If the recovery continues, then the downtrend may end and a rebound can be expected, as the lower limit of the Bollinger Bands suggests support for the ARB price.
The volatility is low on the 4-hour chart, with the upper limit of the Bollinger bands at $1.44 and the lower limit at the $1.34 mark representing the strongest support for ARB. The RSI shows a flat curve at index 44. The curve of the RSI indicates a balanced buying and selling equation.
Arbitrum price analysis conclusion
The Arbitrum price analysis is bearish today as a further decrease in price has been observed. The price has been maintained in the upper range despite the price function moving lower for a third day. As support is also near, we expect a rebound to follow in the coming hours, as today’s bearish momentum also seems weak.
