Arbitrum price analysis reveals ARB cryptocurrency has been trending downwards in the past 24 hours, breaking below the MA200 at $1.33 and descending to $1.30 per token. The bears have been dominating the market, dropping the prices of ARB from an intra-day high of $1.36 to a low of $1.30.
The market sentiment has been bearish and the daily chart indicates that bears are likely to remain in control of the market unless bulls can manage to pressure the price above the MA200 at $1.33. If ARB can increase beyond this level it could indicate an upward trend, however, if it fails to break this level a further downtrend is likely.
ARB/USD Technical analysis on a daily chart: Bears target the support at $1.30
The Arbitrum price analysis reveals that a bearish trend is in control and the bears are looking to break below the key support level at $1.30 per token. The MACD, RSI, and Ichimoku cloud all indicate further downside momentum unless bulls can pressure prices above the MA200 at $1.33.
If ARB/USD fails to break above this level, then a further bearish trend could take the token toward its next key support level at $1.27. A move below this level would be very bearish and could indicate a long-term downtrend in the market. On the other hand, if bulls can pressure prices above the MA200, then Arbitrum could see a short-term uptrend as ARB/USD heads towards its next key resistance at $1.36 per token.
The weekly Relative Strength Index is hovering above 60, which indicates that the market is still healthy. However, if ARB/USD continues to decline, then the RSI could dip below 50 in a few days and indicate an overall bearish market sentiment.
The key support for the ARB/USD has been established at the Fibonacci Retracement Level of 0.236 at $1.30 and a break of this level will indicate a further downtrend in the market. If ARB/USD manages to stay above this level, then bulls could pressure prices upwards toward the 50-day moving average at $1.33 per token.
Arbitrum price analysis on a 4-hour chart: ARB/USD pair forms a bearish pennant
The Arbitrum price analysis on a 4-hour chart reveals that the ARB/USD pair is currently forming a bearish pennant. The MACD and RSI both indicate the possibility of further downside momentum in the near term unless bulls can manage to pressure prices above the key resistance level at $1.33 per token.
The bearish pennant indicates that the bears are likely to remain in control of the market unless bulls can pressure prices above the key resistance at $1.33. If ARB/USD fails to break above this level, then a further downtrend could take the token toward its next key support level at $1.27 per token.
Arbitrum price analysis conclusion
Arbitrum price analysis reveals that ARB has seen a bearish run in the past 24 hours, with prices dropping from $1.36 to $1.30 per token. The daily chart indicates that bears are likely to remain in control of the market unless bulls can manage to pressure the price above the MA200 at $1.33. The 4-hour chart is forming a bearish pennant which indicates the possibility of further downside momentum in the near term unless bulls can pressure prices above the key resistance level at $1.33 per token.
